Zeta lines up NZOG takeover bid

August 10, 2017

ASX-listed investment company Zeta Resources is making a partial takeover bid to acquire up to 41.955% of New Zealand Oil & Gas shares that it does not already own.

Its Singapore-based subsidiary Zeta Energy is seeking to control at least 50.01% of voting rights in NZOG and plans to offer NZ$0.72 per share.

Zeta Energy is currently the largest shareholder in NZOG holding approximately 17.5% of voting rights. Associates of Zeta control an additional 3.7%, making a total of about 21.20%.

Zeta said NZOG’s second largest shareholder, Bermuda-based global fund manager ICM, holding approximately 8.3% of voting rights, has also agreed to accept the offer.

Last November, NZOG agreed to sell its 15% interest in the Kupe gas and light oil fields and production station to Genesis Energy for US$119 million.

In February, the firm accepted Tamarind Management’s offer for its 27.5% interest in the Tui area oil fields off Taranaki. Tamarind will pay NZOG $750,000 in exchange for all shares in its Tui holding company. 



Current News

Timor Resource to Drill 5 Wells in Timor-Leste

Saudi Aramco Pursues IPO Planning Despite Attack

Saudi Aramco Pursues IPO Planning Despite Attack

Middle East Risks Keep Oil Prices High

Middle East Risks Keep Oil Prices High

Transborders Joins Forces with Osaka Gas

Transborders Joins Forces with Osaka Gas

BP Awards Caspian ACG Contracts

BP Awards Caspian ACG Contracts

Senvion to Sell Assets to Siemens Gamesa

Senvion to Sell Assets to Siemens Gamesa

Oil Price Spike after Saudi Attack Temporary

Oil Price Spike after Saudi Attack Temporary

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week