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

Posted on 14 June 2024

Highlights

  • Acquisition previously announced has completed.
  • Further 25% interest in the Mereenie gas field acquired.
  • A$63 million debt facility entered with initial drawdown of A$49.5 million, which includes cash to pay the A$5 million first contingent payment due end of June 2024.
  • Further contingent and deferred payment of A$4 million outstanding.

As announced on 14 February 2024, New Zealand Oil & Gas agreed to purchase a further 25% equity interest in the Mereenie licences, located in the Amadeus Basin in Australia's Northern Territory. The purchase is from Macquarie Mereenie and this transaction was subject to certain conditions, which have been fulfilled and the transaction has completed.

Horizon Oil is also announcing completion of the acquisition of 25% equity interest in the Mereenie licenses, which leaves Macquarie Mereenie with no equity interest. The participating interests in the Mereenie project are now: • New Zealand Oil & Gas 42.5% • Horizon Oil 25% • Central Petroleum (Operator) 25% • Cue Energy Resources (Cue) 7.5% Including Cue’s 7.5% interest, the New Zealand Oil & Gas Group’s interest in Mereenie is 50%. This has increased 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.