New Zealand Oil Takes 90% Stake In E&P With Indonesia Interests

Acquired 90% shareholding in company that holds an exploration interest in Indonesia.

New Zealand Oil & Gas Ltd., Wellington, New Zealand, (Australia, New Zealand: NZO) acquired a 90% shareholding in a company that holds an exploration interest in Indonesia.

The company's primary asset is a share of an onshore permit. An exploration well is planned to be drilled during on the lease the next year. The company's contribution to the drilling cost is expected to be approximately $7 million.

The arrangements remain subject to commercial sensitivities.

New Zealand O&G has also secured a second joint study agreement (JSA) over open acreage in Sumatra. Studies are well advanced for the first JSA in Sumatra, which NZOG was granted in August.