From NZ's lastest financials
Within the East Coast Basin, NZEC is the operator of three permits, with a 100% interest in the Castlepoint Permit, a 100% interest in the East Cape Permit, and an 80% working interest in the Wairoa Permit in a joint arrangement with Westech Energy New Zealand. The Company is actively seeking a farm-in partner for its East Coast permits, to participate in and fund exploration and development in the East Coast Basin in return for an interest in the permits. The Company has received an extension to its drilling commitment on the Castlepoint Permit, and is currently required to drill its first exploration well on this permit by November 23, 2014. The Company has identified its preferred drill location and has initiated the community engagement and technical assessments required to obtain land access and resource consents. The current work program for the Wairoa Permit requires the Company to drill an exploration well by July 2, 2014. The Company has identified the preferred drill location and has progressed the community engagement and technical assessments required to obtain land access and resource consents. The Company applied for but has been unable to obtain an extension to the work program commitment, and is considering relinquishing the Wairoa Permit. The Company anticipates completing fieldwork and geochemical studies on the East Cape Permit in 2014.
As this permit is adjacent to Tag's permits I was wondering what happens when a company relinguishes a permit...can another interested operator(perhaps TAG) make a direct proposal to purchase it or does control revert to the New Zealand government?