NZ O&G Farms Into Canterbury Basin Permit

WELLINGTON - New Zealand Oil & Gas Ltd. said Thursday that it has acquired a 50% interest in an exploration permit for the Canterbury basin off the east coast of New Zealand's South Island from a subsidiary of Beach Energy Ltd. 

Financial details weren't disclosed for the deal, which will see the Wellington-based company become the operator of the permit once regulatory approval has been received. 

The Canterbury and Great South Basin are a major focus for conventional oil and gas exploration in New Zealand and drilling in an adjacent permit is scheduled for next year, the company said.

Copyright (c) 2012 Dow Jones & Company, Inc.

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