New Zealand Oil & Gas Buys More Of The Mereenie Gas Field

Posted on 14/02/2024

Highlights Conditional acquisition of a further 25% interest in the Mereenie gas field, AmadeusBasin, NT, Australia Doubles Mereenie 2P Total reserves and increases NZO's net 2P Total Reserves by 41% Upfront payment of A$42.5m, to be adjusted for revenues and costs from 1 April 2023,and further contingent payments of up to A$9m 100% vendor debt facility of up to A$63m covers all purchase and transaction costs,with additional availability to fund development activity  

Highlights

• Conditional acquisition of a further 25% interest in the Mereenie gas field, AmadeusBasin, NT, Australia
• Doubles Mereenie 2P Total reserves and increases NZO's net 2P Total Reserves by 41%
• Upfront payment of A$42.5m, to be adjusted for revenues and costs from 1 April 2023,and further contingent payments of up to A$9m
• 100% vendor debt facility of up to A$63m covers all purchase and transaction costs,with additional availability to fund development activity

New Zealand Oil & Gas (ASX:NZO, NZX:NZO) has agreed to purchase from Macquarie Mereenie a further 25% equity interest in the Mereenie licenses, located in the Amadeus Basin in Australia's Northern Territory.

It will increase total 2P Group reserves by 41% to 23mmboe as at 1 July 2023. The acquisition will double the New Zealand Oil & Gas Group’s reserves and production from the Mereenie field.