New Zealand Energy (TSE:NZ) has released an update.
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New Zealand Energy Corp. has entered into a farmout agreement with Monumental Energy Corp. to restart production at two wells in the Taranaki Basin. Monumental will cover the NZ$800,000 workover costs in exchange for 75% of the revenue until their investment is recouped, after which they will hold a 25% royalty. Both companies are exploring further collaboration opportunities in the New Zealand oil and gas industry.
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