New Zealand Oil & Gas Completes Further 25% Equity Interest Acquisition in Mereenie Gas Field

MT Newswires Live06-12

New Zealand Oil & Gas (ASX:NZO, NZE:NZO) has completed its further 25% equity interest acquisition in the Mereenie project in the Northern Territory, Australia, from Macquarie Mereenie, taking its interest to 42.5%, according to a Tuesday Australian bourse filing.

New Zealand Oil & Gas owns 50.04% of Cue Energy Resources (ASX:CUE), which holds a 7.5% interest in Mereenie, taking New Zealand Oil & Gas' total interest to 50%, according to the filing.

New Zealand Oil & Gas made an upfront AU$42.5 million payment for the asset and will make further contingent payments to Macquarie Mereenie of AU$9 million, according to the filing.

The acquisition was funded by Macquarie Bank (ASX:MQG) via a seven-year up to AU$63 million debt facility secured over New Zealand Oil & Gas' Amadeus Basin assets, the filing said.

Price (AUD): $0.36, Change: $, Percent Change: %

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