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

(END) Dow Jones Newswires

02-13-24 1514ET