New Zealand Oil & Gas reported a 112% rise in net profit after tax for the quarter that ended in March. A special dividend was declared.

The acquisition of a 25% stake in Mereenie licenses, backed by Macquarie Bank financing, is set to boost 2P Group reserves by 41% to 23 mmboe.

Achievements during the quarter include a gas supply agreement with Arafura Rare Earths (ASX:ARU) and managing the NGP shutdown via a GSA with PWC.