NZ Oil & Gas Acquires Additional Stake in Mereenie Gas Field

Highlights:

• Acquisition of an additional 25% interest in the Mereenie gas field is complete.
• NZ$63 million debt facility was secured, with NZ$49.5 million initially drawn.
• Total 2P Group reserves increased by 41% to 23 mmboe.

New Zealand Oil & Gas (NZX: NZO) has finalized the acquisition of an additional 25% stake in the Mereenie gas field from Macquarie Mereenie, completing the conditions set in February 2024. The purchase increases the company’s interest in the Mereenie project to 42.5%, doubling their reserves and production. The transaction was financed through a NZ$63 million debt facility, with NZ$49.5 million already drawn, including funds for a contingent payment of NZ$5 million due in June 2024. This acquisition has significantly boosted the company's 2P reserves, enhancing its production capabilities.

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