New Zealand Oil & Gas confirmed its participation in drilling Booth-1 well in Perth Basin's L7 permit, starting in late June.

The company secured the Venture 106 rig and necessary approvals by collaborating with Triangle Energy (ASX:TEG) and Strike Energy (ASX:STX).

Targeting the first prospect identified via 3D seismic tech acquired in 2022 marks the company's active engagement since farming into permits last year.

New Zealand Oil & Gas bears a $4.55 million net cost, adhering to farm-in terms.