Energy company New Zealand Oil and Gas Ltd (NZO.NZ) said on Wednesday it had taken a 40 percent stake in the Albacore oil and gas permit.

The area, in New Zealand's resource rich region of Taranaki, is expected to be drilled later this year.

Shares in the company closed on Tuesday at NZ$1.65. The stock has gained around 27 percent so far this year, compared with a 13 percent gain for the benchmark NZSX-50 index .NZ50. ($1=NZ$1.46)

Earth Energy