New Zealand Oil & Gas Limited (NZSE:NZO) and Horizon Oil Limited (ASX:HZN) agreed to acquire 50% stake in Mereenie licenses in the Amadeus Basin from Macquarie Mereenie Pty Limited for approximately AUD 100 million on February 14, 2024. The consideration of AUD 85.2 million will be paid in cash and the contingent payments of AUD 17.98 will be paid over the next 24 months. The cash payment will be adjusted for working capital and cashflows from the effective date of the agreement, April 1, 2023. New Zealand Oil & Gas has drawn down AUD 49.5 million from the debt facility, which includes cash to cover costs incurred to date and to cover the first AUD 5 million of the AUD 9 million contingent payments. After completion of the transaction New Zealand Oil & Gas Limited (NZSE:NZO) will hold 50% stake and Horizon Oil Limited (ASX:HZN) will hold 25% stake in Mereenie licenses in the Amadeus Basin. The transaction is subject to certain conditions including Government and Regulatory approvals. Macquarie Bank will provide vendor financing for 100% of the purchase price. As of June 4, 2024, Horizon has executed AUD 42.5 million senior debt facility agreement with Macquarie Bank to fund the acquisition.

New Zealand Oil & Gas Limited (NZSE:NZO) and Horizon Oil Limited (ASX:HZN) completed the acquisition of 50% stake in Mereenie licenses in the Amadeus Basin from Macquarie Mereenie Pty Limited on June 11, 2024.