Target Company Statement Released

Posted in Shareholders; Posted on 15 September 2017

Independent Directors confirm their recommendation to reject Zeta's partial offer
The Target Company Statement prepared by New Zealand Oil & Gas in response to the partial offer by Zeta Energy Pte Limited is attached.    The Statement has been prepared in accordance with the Takeovers Code, and will be sent to New Zealand Oil & Gas shareholders shortly, and in any event on or before 22 September 2017.
The Statement includes an Independent Adviser's Report by Northington Partners and a rule 22 report by Simmons Corporate Finance.  
As set out in the Target Company Statement, New Zealand Oil & Gas' independent directors unanimously recommend that shareholders REJECT the Zeta offer.
New Zealand Oil & Gas has previously announced it has received a proposal from O.G. Oil & Gas Limited to make a partial offer at 77 cents per share.
The O.G. Oil & Gas proposal is not yet a formal offer and there is no certainty that it will develop into a formal offer. However, on the basis of the material disclosed to date, and if it becomes a formal offer, it appears superior to the offer from Zeta.
Your independent directors strongly recommend that you take no action in relation to the Zeta offer until the situation becomes more clear. If you accept the Zeta offer now you will lose control of your shares and have no opportunity to accept a better offer from O.G. Oil & Gas if it emerges.   You will not lose any opportunity to accept the Zeta offer by deferring your consideration of it.   The Zeta offer must remain open for acceptance until at least 4 October 2017.