Share Buyback

Posted on 10 March 2016

New Zealand Oil & Gas Limited today announces, pursuant to NZX Main Board Listing Rule 7.6.2, the intention to buy back up to 64 million fully paid ordinary shares under section 63 of the Companies Act and pursuant to the approval of shareholders received at the special meeting of shareholders held on 28 August 2015.

The Board consider s that the market price of the  company’s shares is lower than is justified by the underlying value of the company’s assets and therefore that all shareholders would benefit if shares a re bought and cancelled by the company.

The company has 338,180,618 listed ordinary shares. While the maximum number of shares that may be acquired in the buyback is 64 million, whether shares are bought back at all will depend on the market conditions and other factors prevailing at the relevant time. The company will regularly reassess the situation and seek to purchase shares at prices that in its view represent the best value for shareholders.

A disclosure notice , required by the NZ Companies Act, is attached and will be sent to all shareholders as soon as possible.

Purchases under the buyback may occur no earlier than 10 working days after the date that the disclosure notice has been sent to all shareholders and may continue up until 9 March 2017, following which further notice will be provided to NZX and a refreshed disclosure notice will be issued prior to continuing under the approved buyback.