NZO New Zealand Oil and Gas Limited

   By Lucy Craymer 
 

WELLINGTON--New Zealand Oil & Gas Ltd. (NZO.NZ) has reached an agreement to buy a 6.7% stake in an a oil exploration permit off the west coast of New Zealand's North Island, the Wellington-based company said in a statement Thursday.

No financial details were released.

The permit in the Taranaki Basin covers 16,380 square kilometers and includes multiple prospects and leads, the company said. The other shareholders in the permit are Anadarko Petroleum Corp. (APC) and Hyundai HYSCO (010520.SE), it added.

Write to Lucy Craymer at lucy.craymer@wsj.com

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