The Tamarind subsidiary went into voluntary administration in November.
The Malaysian-headquartered company - which holds a direct interest in ASX-listed Triangle Energy, as well as indirect interests in State Gas and South Pacific Resources through associated entities - blamed its NZ subsidiary's administration on a "deterioration in oil prices" and a "number of commercial factors".
According to the first creditors' report, Tamarind Group's four legal entities have gone into liquidation, Tamarind Taranaki has total liabilities of US$155.3 million with claims submitted to liquidators reaching $319.69 million.
Jason Kardachi of Singapore and Mitchell Mansfield of the Cayman Islands were appointed liquidators in December.
Tamarind has operated the Tui field with a 100% interest since acquiring the field from former owners AWE, Pan Pacific Petroleum and New Zealand Oil & Gas.
"Based on the Liquidators' Estimated Realised Value assessment, the assets of [Tamarind] are not likely fully recoverable in a liquidation - the liquidators estimate the ERV of the Tui JV's assets at between US$5.1 million and US$17.27 million," the report said.
"As a result, the Liquidators estimate the Tui JV has a net deficiency of between US$302.4 million and US$314.5 million."
This could mean that unsecured creditors will receive no compensation from Tamarind's demise.
"Creditor claims continue to be received. As a result, the total of creditor claims is subject to ongoing amendment," the report said.
Liquidators have received more than 82 proof of debt creditor claims so far. 72 of these claims are unsecured.
As the company is now in receivership, administrators and liquidators no longer have direct control over assets.
As at December 31, 2019, Tamarind Taranaki had US$936,151 cash in the bank.
Weeks after entering administration Tamarind was issued a stop order, closing all operations on the Tui field, by the NZ Environmental Protection Agency after a flowline connecting the Tui 2H well to its FPSO split causing an ‘oil sheen'.
It followed a failed June drilling campaign in the Tui field which was due to faulty new software and a blowout preventer installation issue, the report said.
The NZ government is currently assessing how to fund decommissioning of the field. According to reports, the parent company Tamarind Resources has guaranteed covering around 50% of the costs of decommissioning.
Liquidators plan to convene again late this month or in February.
