New Zealand Oil & Gas Limited (NZEOF) has released an update.
Horizon Oil Limited has completed its acquisition of a 25% interest in the Mereenie oil and gas field, which is expected to significantly boost its production by around 1,100 barrels of oil equivalent per day and more than double its 2P reserves. The $42.5 million deal, effective from April 1, 2023, was funded through a new senior debt facility with Macquarie Bank. Horizon’s CEO expressed optimism about the acquisition’s potential to increase net operating cash flow and provide a sustainable production base for the future.
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