Friday, 29 March 2024

Announcement

S/A: NZO: Scheme of Arrangement - Financial Information

10 Mar 2017 12:37NZX
On 8 March New Zealand Oil & Gas announced its intention to seek a
court-approved scheme of arrangement to return $100 million of capital to
shareholders.

New Zealand Oil & Gas will today file an application in the High Court for
initial orders to begin the process implementing the scheme.

As part of its filing, New Zealand Oil & Gas is presenting the High Court
with some key financial information. This information shows the impact of the
Kupe and Tui sale transactions on New Zealand Oil & Gas'' 31 December 2016
financial position. It also shows the impact of the $100 million return of
capital on this adjusted position.

The relevant financial information is included in the schedule to this
announcement, and should be read subject to all the notes and qualifications
stated.

As previously advised, the implementation of the scheme will be conditional
on:
o approval by shareholders at a special meeting,
o a binding ruling from Inland Revenue that the return of capital under the
scheme is not in lieu of a dividend, and
o final court approval.

A shareholders'' meeting is expected in April to consider the scheme.

If shareholders approve the scheme, and the binding ruling is provided by
Inland Revenue, final court orders will be sought to implement the scheme.
Subject to receipt of this court approval, the scheme should become effective
in late May. Any update to this timetable will be announced to NZX.

John Pagani
External Relations Manager
+64 21 570 872
End CA:00298115 For:NZO    Type:S/A        Time:2017-03-10 12:37:50
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