New Zealand Energy Corp. announce that the Company and its wholly-owned subsidiary, NZEC Wairoa Limited (collectively "NZEC"), have received final approval from New Zealand Petroleum & Minerals (NZPAM) to acquire 80% ownership of the Wairoa Permit (PEP 38346) from Westech Energy New Zealand (Westech), a wholly-owned subsidiary of Energy Corporation of America. The Wairoa Permit covers 267,862 acres (1,084 km2) in the East Coast Basin of New Zealand's North Island.
In October 2012, NZEC entered into a binding agreement with Westech to become operator of the Wairoa Permit. Unlike other areas of the East Coast Basin, the Wairoa Permit has been actively explored for many years, with more than 500 km of 2D seismic data across the permit and log data from 16 wells drilled on the property. Since 2012, NZEC has advanced the property by completing a number of technical studies, reinterpreting existing seismic data, and acquiring an additional 50 km of 2D seismic data.