New Zealand Oil & Gas Limited (NZSE:NZO) and Horizon Oil Limited (ASX:HZN) agreed to acquire 50% stake in Mereenie licenses in the Amadeus Basin from Macquarie Mereenie Pty Limited on April 1, 2023. The consideration of AUD 85.2 million will be paid in cash and the contingent payments of AUD 17.98 will be paid over the next 24 months. The cash payment will be adjusted for working capital and cashflows from the effectivedate of the agreement, 1 April 2023.

After completion of the transaction New Zealand Oil & Gas Limited (NZSE:NZO) will hold 50% stake and Horizon Oil Limited (ASX:HZN) will hold 25% stake in Mereenie licenses in the Amadeus Basin. The transaction is subject to certain conditions being met. Macquarie Bank will provide vendor financing for 100% of the purchase price.