New Zealand Oil & Gas Agrees to Increase Stake in Macquarie Mereenie's Licenses
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 denny.jacob@wsj.com
(END) Dow Jones Newswires
February 13, 2024 15:14 ET (20:14 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
5 Undervalued Stocks to Buy to Play a Little Defense
-
Markets Brief: AI Leaders Excel In Earnings Season So Far
-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
After Earnings, Is Tesla Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is GE Aerospace Stock a Buy, a Sell, or Fairly Valued?
-
3 Good Stocks to Buy with Your Tax Refund in 2024 (Or with Any Extra Money)
-
SoFi Earnings: Revenue Growth Slows on Lower Loan Growth and Higher Credit Costs
-
Tesla: Full Self-Driving Approval In China Supports Our View for Deliveries Growth In 2024
-
Philips Earnings: Firm Reaches $1.1 Billion Settlement Agreement
-
AbbVie Earnings: Next-Generation Immunology Drugs Help Offset Humira Biosimilar Pressure
-
Exxon Earnings: Ignore Earnings Shortfall as Long-Term Growth and Improvement on Track