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New Zealand Oil & Gas Limited (ASX:NZO)

ALERT: Price-sensitive ASX Announcement for NZO
Current share price for NZO : $0.390 -0.015 (-3.70%)+
Announcement
Release
29 Jul 2024 9:28AM
Price at Release
$0.405
Full Release
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Summary
The Mereenie joint venture, which includes Horizon Oil Limited, New Zealand Oil & Gas Limited (NZO), Cue Energy Resources Limited, and Central Petroleum Limited, has secured a long-term gas sales agreement with the Northern Territory Government. This agreement ensures the supply of gas from 1 January 2025 through 31 December 2030, aimed at underpinning the domestic gas supply in the Northern Territory. The deal encompasses both firm and contingent supply provisions, reducing dependency on the Northern Gas Pipeline and supporting investments in new development wells at the Mereenie gas field.
Key Points
  • Mereenie joint venture gas sales agreement with the Northern Territory Government.
  • The agreement ensures the supply of gas from 1 January 2025 to 31 December 2030.
  • New Zealand Oil & Gas Limited (NZO) holds a 42.5% interest in the joint venture.
  • The agreement includes firm and contingent gas supply provisions.
  • Mitigates exposure to closures of the Northern Gas Pipeline (NGP).
  • Supports investment in new development wells at the Mereenie field.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.