Brief: New Zealand Oil And Gas To Buy 25% Stake In Mereenie Licenses

New Zealand Oil and Gas

13/02/2024 19:34

Feb 14 (Reuters) - New Zealand Oil and Gas Ltd  NZO.NZ :
    * HAS AGREED TO PURCHASE FROM MACQUARIE MEREENIE A  FURTHER
25%
EQUITY INTEREST IN THE MEREENIE LICENSES
    * DEAL WILL INCREASE TOTAL 2P GROUP RESERVES BY 41% TO
23MMBOE AS
AT 1 JULY
    * ACQUISITION WILL DOUBLE THE NEW ZEALAND OIL & GAS GROUP’S
RESERVES AND PRODUCTION FROM THE MEREENIE FIELD
    * UPFRONT PAYMENT OF A$42.5 MILLION FOR 25% STAKE BUY IN
MEREENIE
LICENSES
    * WILL MAKE UPFRONT PAYMENT OF A$42.5 MILLION FOR STAKE
ACQUISITION
    * INCLUDING CUE’S 7.5% INTEREST, THE NEW ZEALAND OIL & GAS
GROUP’S
INTEREST IN MEREENIE IS 50%
    * FURTHER CONTINGENT PAYMENTS OF UP TO A$9 MILLION FOR 25%
STAKE
BUY IN MEREENIE LICENSES

Source text for Eikon:  ID:n426122-2 
Further company coverage:  NZO.NZ