The company had agreed with Australia-listed Octanex last November to pay US$12.5 million for a 12.5% interest in permit 51906, containing the Matuku prospect.
NZOG is also farming into 50% stakes in permits 53473 and 52593.
Octanex said now that approvals have been obtained, it expected to receive the first tranche of US$3 million for the Matuku sale on 22 February.
The second is payable when all drilling consents have been received and the third tranche is expected once the rig to be used to drill the Matuku-1 well arrives on location.
Octanex
