New Zealand Oil & Gas says it has been granted a prospecting permit in the Gulf of Gabes, in the Mediterranean Sea off the coast of Tunisia.
The two-year prospecting permit covers a 1236 square km area, which is surrounded on all sides by discovered and producing oil and gas fields.
Chief executive David Salisbury says the company has been looking at opportunities in Tunisia since 2008 and the permit will add diversity to its exploration portfolio.
Shares in NZ Oil & Gas rose 2 cents to 90c on Wednesday morning.
