New Zealand’s most active domestic oil and gas explorer has secured a greater footprint in an offshore petroleum permit in Australia where petroleum exploration is still strongly encouraged.
New Zealand Oil & Gas Ltd (NZX: NZO) told the NZX that minority shareholders in Cue Energy Resources Ltd (ASX: CUE) have approved the sale of a 15% interest in WA-359-P, and the grant of an option to acquire 5.36 % of WA-409-P, to New Zealand Oil & Gas (NZOG) via a subsidiary.
WA-359-P off north-west Australia contains the giant Ironbark prospect, where a well is planned for 2020. WA-409-P is a neighbouring block.
Approval from Cue minority shareholders was required because New Zealand Oil & Gas owns 50.04% of Cue.
NZOG said this week that further regulatory approvals are still to be satisfied.