Chair’s Address to Annual Meeting of Shareholders

Posted on 3 November 2021

Samuel Kellner

Good morning ladies and gentlemen and welcome to the 2021 annual meeting of shareholders.

We have a busy agenda so I will keep my remarks brief.

When I delivered my remarks virtually at this meeting a year ago, we hoped that we would be meeting in person this year. Unfortunately travel restrictions make that impossible.

We are hopeful, however, that we are finally emerging from the COVID 19 crisis. And while we are likely to be living with the virus for many years to come, we are beginning to see the world and New Zealand open up. We are looking forward to a year of increased mobility and increased economic activity. The company is proud to help deliver the energy to support that activity.

Andrew Jefferies will provide you with a more detailed update shortly. I want to touch briefly on a few points.

At our meeting last year, I noted the extreme pressure that most E&P companies faced as a result of the COVID 19 crisis. It was our hope a year ago that this would create attractive investment opportunities for New Zealand Oil & Gas.

I am pleased that we have been able to find just such an opportunity, having purchased an interest in producing gas assets in the Australia’s onshore Amadeus Basin. These assets fit the criteria we were seeking – current production from well-established fields, delivering product into a strong Australian gas market, while also providing significant upside from ongoing development and exploration activity.

Acquiring these assets is a big step forward for the company and will provide a foundation for future growth in Australia.