New Zealand Oil & Gas completed the acquisition of an additional 25% equity interest in the Mereenie gas field, located in the Amadeus Basin in Australia's Northern Territory.

The purchase was made from Macquarie Mereenie, fulfilling all necessary conditions for completion.

The acquisition, valued at $42.5 million with further contingent payments of $9 million, has been financed through a debt facility totalling $63 million provided by Macquarie Bank.

New Zealand Oil & Gas has drawn $49.5 million from this facility to cover initial payments and costs, including a $5 million contingent payment due at the end of June.