(28 April 2006 – New Zealand) Commonwealth Bank has won the mandate to finance Pan Pacific Petroleum’s investment in the Tui oil development.The Tui facility will be located in the Taranaki Basin in New Zealand.
CBA will provide a facility of up to US$32 million, which constitutes the bulk of Pan Pacific’s share of the development capital costs and associated contractor guarantees.
Oil is forecast to start flowing from the facility around June 2007 at a rate of 50,000 barrels a day.