The Wairoa permit comprises about 267,862 acres (1,084 km2) at East Coast basin in North Island, New Zealand.
The company has paid $725,000 for Westech and assumed responsibility for the work programme, in consideration for transfer of the 80% interest.
NZEC is required to drill one exploration well on the permit by June 2014 and another by March 2016, under the revised work program, which was approved by NZPAM.
Westech will refund $225,000 to NZEC, after completing the work programme, while all future expenditures for the permit will be funded 80% by NZEC and 20% by Westech.
NZEC has signed a binding agreement with Westech to become operator of the Wairoa permit, in October 2012.
