Announcement: Matahio has signed an SPA for the acquisition of East West Petroleum's 30% participating interest in the Cheal East permit

Cheal Petroleum Limited (“CPL”), Matahio’s wholly owned NZ subsidiary, has signed an SPA for the acquisition of East West Petroleum’s 30% participating interest in the Cheal East permit, PMP 60291 (onshore Taranaki), for an upfront payment of 1 MM USD (effective 31st July 2023). This acquisition increases CPL’s participating interest in the Cheal East permit to 100%. The acquisition requires the approval of the NZ government, which is now being sought.

Drew Cadenhead, Matahio’s NZ Country Manager said, “We are pleased to announce the signing of this SPA. This acquisition now aligns our participating interest across all of Cheal and will allow Matahio to realise further synergies and optimisations as we continue to develop the various fields in the Cheal permits. We will work closely with the NZ Government to obtain the necessary approvals. Great start to 2024!”