19 October 2017
Press Release
Zeta Energy Pte Ltd
("Zeta Energy")
Zeta Energy''s offer for New Zealand Oil & Gas Limited now closed
Zeta Energy''s offer for New Zealand Oil & Gas Limited ("NZO") closed
yesterday. The minimum acceptance condition was not met, and accordingly the
offer has now lapsed.
Any acceptances for Zeta Energy''s offer no longer have any effect, and
shareholders who have lodged acceptances for Zeta Energy''s offer can now, if
they wish, accept the O.G. Oil & Gas Limited ("OGOG") offer in respect of the
shares tendered to Zeta Resources, along with any shares not tendered.
Zeta Energy has been a significant shareholder in NZO for a number of years.
Duncan Saville, Chairman of Zeta Energy, commented "In recent times the NZO
board of directors have focussed on reducing exploration commitments in
Indonesia, removing potential rehabilitation liabilities in New Zealand,
downsizing corporate overhead, and maximising exploration optionality. We
have largely been successful in these goals, which is reflected in the steady
NZO share price appreciation since January 2016 (when the share price was 39
cents) to OGOG''s current offer of 78 cents. During the same period, NZO
shareholders have benefited from significant capital returns as part of a
$100m share cancellation."
ENDS
For further information please contact:
Dugald Morrison
ICM
Tel: +64 4 901 7600
Email: contact@icmnz.co.nz
End CA:00308949 For:NZO Type:TRANSACT Time:2017-10-19 09:50:27