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NZ Oil & Gas Ltd buys stake in exploration permit

Wednesday, 10 Oct 2012 | 5:07 PM ET

WELLINGTON, Oct 11 (Reuters) - New Zealand Oil and Gas Ltd

has taken a minor stake in a deepwater exploration permit, the company said on Thursday.

NZO said it had taken a 6.667 percent stake in the exploration located off the Taranaki coast on the west coast of the North Island.

It said it had bought the stake from Global Resource Holdings, LLLP and Randall C Thompson LLC, and would pay $9.5 million in three installments.

Other partners in the permit are Anadarko, with 50 per cent and Hyundai Hysco with 33.333 per cent.

(Gyles Beckford)

((Gyles.Beckford@thomsonreuters.com)(+64 4 802 7977)(Reuters Messaging: gyles.beckford.reuters.com@reuters.net))

Keywords: NZOG PERMIT/