New Zealand Oil & Gas expanded its stake in the Mereenie gas field, Amadeus Basin, Australia, acquiring an additional 25% from Macquarie Mereenie.

The acquisition doubles reserves, boosting 2P Group reserves by 41% to 23 mmboe as of July 1, 2023, for $42.5 million upfront, with potential contingent payments up to $9 million.

Horizon Oil (ASX:HZN) agreed to acquire the remaining 25%, resulting in a revised ownership structure with New Zealand Oil holding 50%, including Cue Energy Resources' (ASX:CUE) 7.5% stake.