Swift flies NZ nest

US independent Swift Energy would sell the bulk of its New Zealand assets to Australia’s Origin Energy and its local unit Contact Energy for about $87.8 million as part of plans to end its operations in the country.

Swift said the deal was effective 1 December this year, with plans to sell of its remaining assets in New Zealand expected to be closed by early next year. Origin and Contact said separately today that they stood to gain Swift’s main producing areas in the onshore Taranaki basin, including the Tariki, Ahuroa, Waihapa and Ngaere fields and the Rimu, Kauri and Manutahi fields, as well as associated production facilities. Swift expects to reap about $100 million to $110 million from the sale of its New Zealand assets. It said the move would result in a non-cash book loss of about $115 million to $120 million. Origin would take over its offices in Wellington and New Plymouth and would offer to employ its local staff.

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