O.G. Oil & Gas Achieves Fresh Milestone In Partial Offer For New Zealand Oil & Gas

Posted on 20 November 2017

O.G. Oil & Gas (Singapore) Pte. Ltd. (“OGOG”) is pleased to announce that it has now received from New Zealand Petroleum & Minerals the necessary consent related to OGOG’s partial offer for New Zealand Oil & Gas Limited (“New Zealand Oil & Gas”). 

As New Zealand Petroleum & Minerals’ consent is a condition of OGOG’s offer, this approval represents an important step for OGOG.  
As of today, OGOG has received acceptances under its partial takeover offer which, together with its current shareholding, total more than 38% of New Zealand Oil & Gas’s fully paid ordinary shares.1  
OGOG is offering to acquire up to 67.55% of the New Zealand Oil & Gas shares it does not already hold or control at a price of 78 cents per share (reduced for distributions as outlined in the offer document for OGOG’s offer)2. To meet its minimum acceptance threshold, OGOG only needs to receive acceptances from and/or own shares representing more than 50% of New Zealand Oil & Gas’s voting rights.  The offer will close on 9 December 2017 (unless extended in accordance with the Takeovers Code).