NEW ZEALAND

L&M cranks up stake in Waiau lease

LISTED junior L&M Petroleum is buying back most of the equity rights held by state-owned Mighty River Power in one of its onshore Western Southland Basin, New Zealand licences.

L&M said yesterday afternoon that it was buying back all but 10% of MRP's 50% equity in the conventional exploration rights within the PEP 38226 (Waiau) lease, the permit in which the majority of L&M's...

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