The new entity has acquired six onshore production licences in the Taranaki Basin of North Island, New Zealand. 

The company will be operating all the licenses, holding 100% participating interest in four licenses and 70% interest in the remaining two licenses.

It said three of the six licenses were producing. 

The projects include the producing Cheal and Sidewinder fields, which boast production rates of 1400 barrels of oil equivalent per day.

Matahio says it struck the agreement with the liquidated Tamarind in March 2022.

"First and foremost, the execution of an expansive production optimisation and development program, which has already borne fruit, will continue to exhibit Matahio's mature field management credentials," Matahio CEO Wai-Lid Wong said.

"This includes maintaining the portfolio's OPEX per barrel at levels lower than US$40/bbl. Second, the proving-up of prospects in the Puka license area, and utilising existing infrastructure for its development, will enhance the longevity of our New Zealand business."

Management from Tamarind behind Matahio 

Matahio's chief executive is Wai-Lid Wong, the former CEO of Tamarind. He was appointed to the role in January 2020. The company's chief financial officer is Susan Prior, who held the same position at Tamarind when it collapsed. 

Rob Fisher who was formerly head of development at Tamarind is now the chief operating officer at Matahio. Tamarind's former commercial business development manager Stephane Bigard is now Matahio's chief commercial officer. 

Matahio's country manager Drew Cadenhead was previously country manager at Tamarind. He joined Tamarind New Zealand in September 2020, almost one year after the previous country manager resigned and nine months after the Tui related entities were placed into liquidation in December 2019.   

Tamarind debacle

Tamarind acquired the Tui field from AWE in 2017.

It held the Tui project via a web of subsidiaries.

When Tui stopped making money, Tamarind walked away leaving all the production equipment in situ.

Tamarind then fell into liquidation, which let it avoid hundreds of millions of dollars' worth of liabilities.

The Tui field acquisition was described as a "backdoor way" for Tamarind to acquire the permit and not be subject to regulations and tests as a change of operator.

Tamarind fell into administration in 2019. It was placed into receivership in March 2020 and liquidation shortly thereafter.

When Tamarind went into liquidation it owed hundreds of million of dollars to contractors and creditors including BW Offshore.

The Tui field, with subsea wells and a large floating production storage offloading vessel atop them, was ultimately left to New Zealand taxpayers to decommisison. 

The New Zealand government is still decommissioning the offshore Tui oilfield after taking control of it in 2020 when Tamarind went bust.

At the time, New Zealand's energy and resources minister Megan Woods said she was "very concerned" by Tamarind's conduct.

"It is very concerning to me that taxpayers may be on the hook for decommissioning costs," Woods told Energy News in April 2020.

Last year, in response to Tamarind's conduct, the New Zealand government imposed strict requirements for energy companies requiring them to hold enough money in the bank to decommission projects prior to development.

Peak oil and gas body Petroleum Exploration Production Association of New Zealand said it had been left "frustrated and disappointed" by Tamarind's demise.

PEPANZ told Energy News in April 2020 that the Tamarind situation was "very unusual" and not business as normal for the industry. 

"Companies are responsible for decommissioning costs, and by and large this is what happens," PEPANZ chief executive John Carnegie said.

"The situation with Tamarind is very unusual, frustrating and disappointing,".

More Tamarind assets acquired by Matahio

This latest onshore acquisition in New Zealand is not the first deal Matahio has made regarding Tamarind assets.

In January, Matahio acquired Tamarind's former Galoc field offshore Palawan in the Republic of the Philippines.

This is another late life asset involving an ageing FPSO.

This FPSO is connected to four producing wells on the field. 

The Galoc field was first discovered in the 1980s.

Tamarind Resources was been operator of the project after acquiring it from then-ASX listed Nido Petroleum in 2018.

According to Matahio it signed the Galoc purchase agreement in March 2022.