A conditional agreement has been reached for New Zealand Oil & Gas Ltd. (NZOG) to acquire about a 6.7% interest in petroleum exploration permit (PEP) 38451, located offshore from Taranaki, a news release stated.  Five percent of the interest is carried.

If the transaction is completed, NZOG would acquire about 6.1% from Global Resource Holdings, LLLP and about 0.6% from Randall C Thompson, LLC. Each of those would continue to hold a 5% carried interest in the permit, according to the release. The agreement is subject to conditions.

Other partners in the permit are Anadarko (50% and operator) and Hyundai Hysco (about 33.3%). They have preferential rights to the assignment, which they have 10 days to exercise.

It's also conditional on New Zealand ministerial consent to the agreement, consents and regulatory approvals being received for drilling a well in the Romney prospect of the permit, and the operating committee approving an authorization for expenditure (AFE) for the costs of the well.

PEP 38451 is the first exploration permit granted over the deepwater extension to Taranaki basin, the release said. It covers 16,380 sq km (6,324 sq miles)  and includes multiple prospects and leads. The permit has a drilling deadline of Sept. 30, 2013. Anadarko has publicly indicated it plans to use a drillship currently under construction, Noble's Bob Douglas, for its offshore New Zealand drilling campaign in the 2013-14 drilling season.

Under the agreement, NZOG would pay US $9.5 million in three tranches.