Wellington, Jan 15 NZPA - The Australian Foreign Investment Review Board has no objection to New Zealand Oil and Gas (NZOG) increasing its stake in Pan Pacific Petroleum (PPP).

In December, NZOG acquired a "strategic stake" in PPP and has voting power of 14.865 percent.

NZOG applied to the board to acquire up to 19.99 percent, or all of PPP.

"In due course, NZOG will assess its position to determine what, if any, further steps might be taken," the company said.

NZOG shares were down 2c to 122 this morning having traded between 100 and 191 last year.

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