NZ Oil & Gas Ltd buys stake in exploration permit

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

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

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

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

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

(Gyles Beckford)

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Keywords: NZOG PERMIT/