NZOG (New Zealand Oil & Gas Ltd) has acquired a 90% shareholding in a company which holds an exploration interest in Indonesia.
The company's primary asset is a share of an onshore permit, where an exploration well is planned to be drilled during the next year. The company's contribution to the drilling cost is expected to be approximately US$7m.
The arrangements remain subject to commercial sensitivities and further information will be made available in the New Year.
NZOG 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.
