New Zealand Oil and gas
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New Zealand Oil & Gas Announces Up To NZ$25 Million Equity Raise

Posted on 27 April 2022

  • Multiple growth projects across New Zealand and Australia
  • 1-for-2.7625 renounceable rights offer at NZ$0.42 per share
  • Pro rata to existing shareholders with opportunity to apply for unaccepted shares under oversubscription facility
  • Cornerstone shareholder to take its full entitlement (subject to regulatory restrictions)
  • Conversion to full ASX listing in progress

New Zealand Oil & Gas Limited (NZX: NZO, ASX: NZO) has announced an equity raising of up to NZ$25 million through a 1-for-2.7625 renounceable rights offer.
The capital raise enables a cycle of investment in growth projects at producing assets in Australia and New Zealand as well as offering the opportunity to take part in exploration.

Growth projects include immediate and future activities, including:

  • Investment into growing production at the Amadeus Basin in Australia’s Northern Territory. The Amadeus assets were acquired in 2021, and are already performing ahead of expectations. Development activity in the assets was committed as part of the acquisition, while new exploration activity targets up to 62PJ (net 2U unrisked prospective resources) and has the potential to approximately double the reserves of NZO and its subsidiary Cue Energy Resources Limited (Cue) (ASX: CUE).
  • A new well at the producing Kupe gas field in New Zealand, where potential new gas would be un-contracted (from 1 October 2023) and sold into what is expected to be a strong market.
  • Potential support for Cue, 50.04% owned by New Zealand Oil & Gas if Cue decides to further develop its assets.

More detail about development projects and risks is contained in the investor presentation that accompanies this announcement.

New Zealand Oil & Gas chief executive Andrew Jefferies says the timing is right to invest in growth of the company’s assets.


“Prices for oil and gas are very strong. In a time of global instability, in a world needing our energy, ethically-sourced oil and gas from Australia and New Zealand offers new opportunities for continued growth at an attractive balance of risk and return.

Funding will strengthen the New Zealand Oil & Gas balance sheet and provide cashflow to deliver for investors through development of producing assets with the chance of exploration upside.