From time to time employees of New Zealand Oil & Gas Limited (NZOG) (or a
company within the NZOG group) are offered partly paid shares in NZOG
pursuant to an Employee Share Ownership Plan (ESOP). The Trustee of the ESOP,
NZOG Services Limited, holds those shares on trust until such time as the
employee is transferred legal ownership of the shares in accordance with the
rules of the ESOP.
The Trustee is required to sell the shares held for an employee if the
employee''s interest in the shares is forfeited. This may happen, for example,
where the employee''s employment is terminated or they do not pay the balance
of the issue price due for the shares under the rules of the ESOP.
The Board of NZOG have resolved that NZOG may buy back some or all of the
ESOP shares required to be sold by the Trustee (Targeted Shares), off-market
(Buy Back Offers). The consideration to be paid for the shares under the Buy
Back Offers will be a price within the buy and sell quotes of NZOG shares
trading on NZX Main Board at any time on the date of acquisition.
NZOG makes the following notifications in accordance with Listing Rule 7.6.2:
1. NZOG will make Buy Back Offers as described above in the period from 13
October 2016 to 27 September 2017 (Offer Period).
2. The Targeted Shares are ordinary shares.
3. The maximum number of Targeted Shares to be acquired by NZOG under Buy
Back Offers during the Offer Period will be 5,000,000.
Ralph Noldan
Company Secretary
John Pagani
External Relations Manager
+64 21 570 872
End CA:00290467 For:NZO Type:BUYBACK Time:2016-10-07 10:35:31