Tuesday, 21 August 2018

Announcement

TRANSACT: NZO: Update in relation to status of conditions

27 Dec 2017 08:44NZX
27 December 2017

New Zealand Oil & Gas Limited
Level 1, 36 Tennyson Street
Wellington 6011
New Zealand

UPDATE IN RELATION TO STATUS OF CONDITIONS

We refer to the partial takeover offer (Offer) by O.G. Oil & Gas (Singapore)
Pte. Ltd. (OGOG) dated 11 October 2017 in respect of New Zealand Oil & Gas
Limited (New Zealand Oil & Gas). Capitalised terms used but not defined in
this notice have the meanings given to them in the offer document for the
Offer (the
Offer Document).

As required by rule 49C(1) of the Takeovers Code, OGOG provides the following
update in relation to the status of the conditions of the Offer:

(a) The Offer is still subject to conditions (which are set out in the Offer
Document).

(b) The Offer remains subject to the conditions set out in clauses 4.3
(Interests in joint ventures), 4.5 (Other regulatory approvals) and 4.6
(Other conditions) of the Offer Document as at the date of this notice.

(c) Under the terms of the Offer, OGOG has the right to waive each of these
conditions. OGOG continues to consider whether or not to waive any of these
conditions.

(d) To the best of OGOG''s knowledge and belief (after making proper inquiry)
the conditions in clauses 4.1 (Minimum acceptance), 4.2 (Overseas Investment
Office) and 4.4 (Ministerial consent under petroleum legislation) of the
Offer Document have been satisfied as at the date of this notice.
(e) As at the date of this notice, OGOG has not waived any conditions.

(f) As at the date of this notice, OGOG has received acceptances in respect
of 64.606% of the voting rights in New Zealand Oil & Gas.1 OGOG already holds
or controls 4.160% of the voting rights in New Zealand Oil & Gas.

Yours faithfully
O.G. Oil & Gas (Singapore) Pte. Ltd.

Alastair McGregor
Chief Executive Officer
cc. The Takeovers Panel
Level 3, Solnet House
70 The Terrace
Wellington 6011
By email: takeovers.panel@takeovers.govt.nz

cc. NZX Limited
Level 2, NZX Centre
11 Cable Street
PO Box 2959
Wellington
By email: announce@nzx.com
End CA:00312495 For:NZO    Type:TRANSACT   Time:2017-12-27 08:44:32
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