New Zealand Oil & Gas increases Mereenie stake

New Zealand Oil & Gas has successfully completed the acquisition of an additional 25% equity interest in the Mereenie licences, located in Australia's Northern Territory.

This purchase, from Macquarie Mereenie, has now fulfilled all the necessary conditions.

As a result of the transaction, Macquarie Mereenie no longer holds any equity interest in the Mereenie licenses.

The participating interests in the Mereenie project are now held by New Zealand Oil & Gas at 42.5%, Horizon Oil at 25%, Central Petroleum (Operator) at 25%, and Cue Energy Resources at 7.5%.

With the inclusion of Cue's interest, New Zealand Oil & Gas' overall interest in Mereenie now stands at 50%.

Additionally, this acquisition is expected to double the company's reserves and production from the Mereenie field, which has led to a 41% increase in its total 2P Group reserves as of July 1 2023.