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July 28, 2015 4:08 PM ET

Oil, Gas and Consumable Fuels

Company Overview of L&M Energy Limited

Company Overview

L&M Energy Limited engages in the exploration and development of oil, natural gas, and coal seam gas resources in New Zealand. It holds equity interests in approximately 8,000 square kilometers of exploration acreage across 5 basins in New Zealand. The company was formerly known as L&M Petroleum Limited and changed its name to L&M Energy Limited in January 2010. L&M Energy Limited is based in Wellington, New Zealand.

St John House

Level 9

114 The Terrace

PO Box 10-895


New Zealand


64 3 473 0415


64 3 473 0416

Key Executives for L&M Energy Limited

Chief Executive Officer, Managing Director, Executive Director and Member of Disclosure Committee
Chief Financial Officer, Company Secretary and Member of Disclosure Committee
Age: 55
Compensation as of Fiscal Year 2015.

L&M Energy Limited Key Developments

New Zealand Energy Extends Alton Permit for Second Five-year Term, Provides Update on Eltham and Castlepoint Permits

New Zealand Energy Corporation announced that it has received approval from New Zealand Petroleum & Minerals ("NZPAM") to extend the Alton Permit (Petroleum Exploration Permit 51151) for a second five-year term. NZEC owns a 65% interest and is operator of the Alton Permit, through its subsidiary Taranaki Ventures II Limited. NZEC is exploring the permit in a joint arrangement with L&M Energy Limited ("L&M"). NZEC and L&M have received NZPAM approval to extend the exploration term of the permit to September 23, 2018. Concurrent with the extension, NZEC and L&M have relinquished 50% of the Alton Permit. The new permit area comprises 59,565 acres (241.052 km(2)), bringing NZEC's Taranaki Basin portfolio to 159,864 net acres (646.9 km(2)). The joint venture partners also received an extension to their obligation to drill the Horoi commitment well, along with approval of a new work program for the Alton Permit. The new work program requires NZEC to drill two exploration wells, process 20 km(2) of 3D seismic and 20 line km of 2D seismic, and complete a number of technical studies and reports. NZEC plans to drill the first commitment well - the Horoi well - into a Mt. Messenger target commencing in late February 2014.

New Zealand Energy Corporation Forms Joint Venture with L&M Energy Limited to Explore and Operate TWN Licenses

New Zealand Energy Corp. has signed a binding Letter Agreement with L&M Energy Limited whereby LME will pay NZEC to form a 50/50 joint venture to explore, develop and operate the Tariki, Waihapa and Ngaere Petroleum Mining Licenses the Waihapa Production Station and associated pipelines and infrastructure. The parties intend to finalize the definitive agreements shortly with the objective of closing the transaction contemporaneously with closing of the acquisition of the assets from Origin Energy Resources NZ (TAWN) Ltd. NZEC will become the operator of the TWN Licenses and the Waihapa Production Station. Decisions regarding exploration, development and operations of the Waihapa Assets will be made by management committees with equal representation from both companies. LME will pay NZEC CAD 18.25 million, comprising half of the purchase price for the Waihapa Assets plus half of NZEC's costs incurred to date. Closing the TWN Joint Venture is subject to government and regulatory approvals, obtaining the additional funding and the closing of the Sale and Purchase Agreement with Origin, as announced by NZEC on June 17, 2013. Once the conditions precedent have been met and both the TWN Joint Venture and the Waihapa Assets Acquisition are complete, NZEC and LME will each own 50% of the TWN Licenses comprising 23,049 acres in the Taranaki Basin of New Zealand's North Island. NZEC and LME will also each hold a 50% interest in the Waihapa Production Station and associated oil and gas gathering and sales pipelines and other infrastructure associated with the TWN Licenses and the Waihapa Production Station.

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