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Prior to the watershed meeting convened on Thursday, 19 December, 2019 by Borelli Walsh, OCP, in its capacity as the Tamarind Group’s secured lender, appointed PwC as receivers over the 4 legal entities that own the Tui JV. This includes the operator of the field, Tamarind Taranaki Limited (TTL).
TTL was placed into voluntary administration on 11 November 2019 with Borelli Walsh appointed as administrators. Subsequent to the appointment of PwC as receivers, the creditors of TTL, as recommended by Borelli Walsh, voted to place TTL into liquidation. The creditors appointed Borelli Walsh as liquidators. In its capacity as receiver of the Tui JV entities, PwC will look to examine all options in an effort to realise a return for the secured lender. This may include resumption of operations and/or a possible sale or farm-down of the assets themselves. The rest of the Tamarind Group, including Tamarind New Zealand Onshore Operations, Tamarind’s 56% share in the Galoc field in the Philippines (where it is the Operator), and Tamarind’s various interests in Australia retain the continued support of OCP as the Group's key lender and are unaffected by the above actions taken in respect of the Tui entities. The management team and staff continue to work to stabilise and grow the remaining business. All queries in relation to the above should be addressed directly to the receivers and their representatives whose contact details are provided below. PwC Pwcnz.restructuring@nz.pwc.com
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PLEASE NOTE THIS RELATES ONLY TO TAMARIND TARANAKI LIMITED APPOINTMENT OF VOLUNTARY ADMINISTRATORS – TAMARIND TARANAKI LIMITED (“COMPANY”) Pursuant to the Directors’ Resolution (“Resolution”) dated 11 November 2019, Jason Kardachi and Mitchell Mansfield of Borrelli Walsh were appointed Joint and Several Voluntary Administrators (“Administrators”) of the Company on 11 November 2019 in accordance with section 239I of the Companies Act 1993. The appointment of the Administrators is as a result of a number of commercial factors including a deterioration in oil price amongst others affecting the performance of the Company, which has contributed to the Company’s current financial position being unsustainable absent a restructuring. The Administrators will be directly controlling the assets, operations and books and records of the Company during the Administration period. The purpose of the Voluntary Administration is to seek to maximise the prospects of the Company continuing its business or if this is not possible, to achieve a better return for the Company’s creditors than would result from an immediate liquidation of the Company. The effect of the appointment of Administrators is to place a moratorium on the payment of creditors up to the date of appointment. The Administrators will in due course in so far as possible propose to creditors a Deed of Company Arrangement (“DOCA”) which will be voted on by all creditors. The proposed DOCA will set out a detailed plan for the repayment of outstanding creditors to the extent this is supportable by available funding and the continuing business of the Company. The Administrators will convene a first meeting of creditors within 8 business days following their appointment (“First Meeting”). All creditors as at the date of appointment should receive the notice of the First Meeting within 3 business days following appointment. All queries in relation to the above should be addressed directly to the Administrators and their representatives whose contact details are provided below.  Tamarind Resources Limited is pleased to announce that it has completed its acquisition of the New Zealand Onshore Oil and Gas assets from Tag Oil Limited.
As announced by Tag on 6th November 2018 and including the most recent update of 6th September, Tamarind and Tag have been working closely to complete the transaction which comprises production from the Cheal and Sidewinder oil and gas fields, new discoveries under development at Puka, Supplejack and Cardiff, and significant exploration opportunities. The transaction includes the three production facilities in the Taranaki Basin, which are linked directly to Taranaki’s main gas distribution pipeline for easy distribution and local consumption. Tamarind has also assumed the operating, technical and administrative team from Tag, assuring continued safe and reliable operations. Ian Angell, Managing Director, commented: “I’m delighted to have completed the NZ Onshore acquisition and am deeply appreciative of the patience of the Tag Directors and Shareholders since the announced transaction late last year. We are also very pleased with the progress the Tag and Tamarind teams are making on the core producing assets as well as the exciting Supplejack gas project over the past year.” “We are mindful that this transaction comes immediately following the disappointing results on the Tui redevelopment campaign and the suspension of that well program. The closure of the transaction enables Tamarind to develop a path forward in relation to the resolution of matters associated with the suspended Tui well program.” Tamarind acquired the following permits in this transaction: 54877, 60291, 38156, 53803, 57065, and 51135. Thank you for your concern. The executives on the tragic crash in Ethiopia were not from Tamarind Resources but rather from a different Tamarind involved in hospitality. Our heartfelt condolences goes to the families of all those lost in this terrible accident.
Marine Consent Granted Tamarind is very pleased with the decision of the Board of Inquiry to grant our Marine Consent and now looks forward to the safe and successful execution of the Tui Development Drilling Project. Tamarind expects to develop a further 6 – 8 million barrels of oil as a result of this campaign, extending the life of the Tui Field into the mid 2020s. Tamarind would like to thank the EPA and the Board of Inquiry for the manner in which the process has been undertaken. Tamarind has found the process to be well managed, transparent and timely. Rig Update The drilling project is currently on target to commence drilling in June with an expected duration of about 110 days. At this stage, 3 sidetrack wells are planned, but Tamarind continues to look at the potential to drill a fourth sidetrack well, depending on the results from the initial 3 wells. The rig, the COSL “Prospector”, will be used to drill the sidetrack wells. This rig is different from that originally proposed by COSL (the HYSY 982) and was formally changed in early 2019 to accommodate a request from the rig contractor (COSL). The “Prospector” is a sister rig to the HYSY 982 and this change represents no material difference to Tamarind’s proposed activities. Further to the information within Tamarind’s Impact Assessment, further information and evidence, provided at the Hearing apply equally to the COSL “Prospector”. The rig is currently in transit from Norway to New Zealand and, following a voyage of approximately 120–130 days, will reach the well site location at Tui in late May or early June - depending on weather conditions during the voyage. The rig is a self-propelled vessel and will transit to NZ under its own power. All necessary biosecurity cleaning and clearances were completed prior to the rig’s departure. NZ-based crew will be joining the rig as it transits from Norway to NZ, with the first group of NZ crew due to join the rig in Las Palmas, Canary Islands. Below you will find a video featuring our CEO Ian Angell providing an overview of the project and additional information about Tamarind. Tamarind is pleased to announce that we have signed a relationship agreement with Te Korowai o Ngāruahine Trust. Ngāruahine is one of the eight iwi in Taranaki and its rohe is located between Taranaki Iwi to the west and Ngāti Ruanui to the east. The Tasman Sea is of particular significance to Ngāruahine, as historically it provided a means of navigation, a mechanism by which trade was conducted and particularly, sustenance by way of the food (mataitai/shellfish) contained within it. Tamarind respects Te Korowai’s kaitiakitanga approach and is committed to working together with Te Korowai to enable ongoing information sharing and mutual education on matters relating to Tamarind’s activities and Te Korowai’s interests in the ocean and coastal marine area within its rohe.
Our agreement sets out a framework for an ongoing relationship and to record the mutual commitment to work together to achieve the agreed goals based on the values of:
We look forward to further building our relationship with Te Korowai o Ngāruahine Trust and to finding ways that we can support their mission to be a healthy, wealthy and culturally vibrant iwi. |
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