Contact Energy to Sell Mokai Geothermal Rights
November 27, 2007
New Zealand-based integrated utility Contact Energy has agreed to sell land that lies over some of its existing geothermal resource in the Mokai region of New Zealand to Mighty River Power and the Tuaropaki Trust.
Contact will receive NZ$27.25 million as a result of selling the Mokai land and exchanging with Mighty River Power certain rights in relation to natural gas development.
David Baldwin, CEO of Contact Energy, said that the small Mokai field is not a core part of the company’s geothermal investment strategy, which is primarily focused on developing the geothermal resources at Te Mihi and Tauhara.