New Zealand Oil & Gas has agreed to acquire an additional 25% stake in the Mereenie gas field in Australia's Northern Territory.
The conditional deal, worth $42.5 million, will double the company's reserves and production from the field.
It is also expected to increase New Zealand Oil & Gas' net 2P total reserves by 41%.
The acquisition is part of the company's strategy to grow through acquisition and develop its producing assets.
Macquarie Mereenie will sell its entire 50% interest in Mereenie, with Horizon Oil set to acquire the remaining 25%.
The sale and purchase agreement is subject to regulatory approvals and other customary conditions.
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