Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

OG Oil & Gas likely to cross minimum 50% threshold


OG Oil & Gas likely to cross minimum 50% threshold in NZOG takeover offer

By Rebecca Howard

Nov. 14 (BusinessDesk) - OG Oil & Gas's partial takeover offer for New Zealand Oil & Gas is likely to reach the minimum 50 percent threshold now its acceptances and shares total more than 36 percent and Zeta Energy has reportedly indicated it will sell if the bid gets a green light from the Overseas Investment Office.

The oil and gas division of Ofer Global received acceptances of about 6 million shares from Zeta related entities Bermuda Commercial Bank and UIL Ltd, and said Zeta Energy, which holds approximately 17 percent of NZOG, "has indicated that it intends to accept OGOG’s offer once OGOG receives a positive indication that the Overseas Investment Office will provide its consent".

OGOG has offered to acquire up to 67.55 percent of the NZOG shares it does not already hold or control at a price of 78 cents per share, up from the 77 cents per share bid it initially floated. The higher OGOG bid won over NZOG's independent directors who unanimously recommend shareholders accept the revised offer. The offer closes on Dec. 9.

"OGOG is happy with the momentum achieved by the offer at this stage," a spokesman said in a statement. "It’s a strong indication that the value of the offer is broadly recognised by shareholders."

The global firm wants to preserve NZOG's exploration opportunities and has named the Barque prospect off the Canterbury coast as too interesting to ignore. If it wins over shareholders it plans to find international partners for the deepwater prospect, which was ranked ninth among the world's top oil and gas targets in a survey presented to a recent petroleum conference in New Zealand.

OGOG is the oil and gas business of Ofer Global, a private portfolio of international businesses chaired by Eyal Ofer.

The shares recently rose 0.7 percent to 71.5 cents.

(BusinessDesk)

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Food Prices Increase 7.4 Percent Annually
Food prices were 7.4 percent higher in July 2022 compared with July 2021, Stats NZ said today... More>>



REINZ: Market Activity And Prices Continue To Ease, First Home Buyers Start To Return To The Market

New Zealand’s winter property market continues its recent trend, slowing from the pace of sales and price rises of last year — properties stay on the market longer and median prices dip... More>>

FMA: Cigna Admits Making False And Misleading Representations
Cigna Life Insurance New Zealand Limited has admitted to making false and/or misleading representations to customers in proceedings brought by the Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko... More>>



Retail NZ: Welcomes Return Of Cruise Ships

“Cruise visitors were big spenders in retail prior to COVID-19, and retailers in Auckland will be celebrating the arrival of P&O’s Pacific Explorer this morning... More>>



ASB: Full Year Results: Building Resilience Today And For Our Future

In its 175th year, ASB has reported a cash net profit after tax of $1,418 million for the 12 months to 30 June 2022, an increase of $122 million or 9% on the prior year... More>>


Commerce Commission: Draft Determination On News Publishers’ Association’s Collective Bargaining Application
The Commerce Commission (Commission) has reached a preliminary view that it should allow the News Publishers’ Association of New Zealand (NPA) to collectively negotiate with Meta and Google... More>>