New Zealand Oil and Gas Limited (ASX:NZO) has emerged as a successful bidder among a consortium of working partners for the onshore exploration block in Sumatra, Indonesia.
The contract is valued at about $US 4 million. The oil and gas explorer has secured a 50 per cent share over a three-year exploration programme. The dual listed company says by using its knowledge and capabilities it expects to create exploration opportunities.
In the first half of the 2012 financial year New Zealand Oil and Gas posted a net profit of $1.7 million.
