By Denny Jacob
New Zealand Oil & Gas agreed to purchase a further 25% equity interest in Macquarie Mereenie's licenses.
The oil and natural gas company said the acquisition would double its reserves and production from Mereenie field. New Zealand Oil & Gas would make an upfront payment of 42.5 million New Zealand dollars (US$26.1 million) for the asset, plus further contingent payments of NZ$9 million over the next 24 months subject to certain conditions being met.
New Zealand Oil & Gas acquired its initial interest in the Mereenie field from Central Petroleum in a transaction agreed in 2021.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
02-13-24 1514ET
