New Zealand Oil and gas
SHAREPRICE

Extension of takeover offer to 8 January 2018 – final extension

Posted on 5 December 2017

Today we have extended the closing date of our offer for New Zealand Oil & Gas Limited to 8 January 2018 . This extension is to allow time to obtain the necessary regulatory approvals . Please read the formal notice included with this letter for further details.

As of today, we have received acceptances under our partial takeover offer which, together with our current shareholding in New Zealand Oil & Gas, total more than 43% of the fully paid ordinary shares. 1 The minimum acceptance condition will be satisfied once we receive acceptances which will result in us holding or controlling more than 50% of the voting rights in New Zealand Oil & Gas .

This is the last time we can extend our offer und er the Takeovers Code . If you wish to accept our offer , you must do so by no later than 8 January 2018 .

Why Accept?

In making your decision, please consider the following:

1. The independent directors of New Zealand Oil & Gas have unanimously recomm ended th at you accept our offer.

2. Our offer price is within the independent adviser’s valuation range as stated in the independent adviser’s report included in New Zealand Oil & Gas’s Target Company Statement .

3. The adjusted offer price of 74 cents per fully paid ordinary share (the original offer price of 78 cents per share minus the dividend of 4 cents per share paid by New Zealand Oil & Gas on 3 November 2017 ) represents a substantial premium of 24. 2 % to the twelve - month weighted average price of $0.60 on the NZX for the period up to and including 9 August 2017 (being the last trading day prior to release of Zeta’s notice of intention to make a takeover offer) . 2

4. This offer is a partial offer for 67.55% of t he New Zealand Oil & Gas shares that we do not already hold or control. You may accept the offer for up to 100% of your shares. Your acceptance will only be subject to scaling if we receive acceptances for more than 67.55% of the New Zealand Oil & Gas sh ares that we do not already own or control. We encourage all shareholders to accept the offer at your earliest convenience