ALLOT: NZO: Issue of Securities - Employee Share Plan

30 Jun 2010 1:35 pm

NZO 30/06/2010 ALLOT

REL: 1335 HRS New Zealand Oil and Gas Limited

ALLOT: NZO: Issue of Securities - Employee Share Plan

Announcement in terms of listing rule 7.12.1

Please be advised of an issue of securities as follows:

(a) Class of Security: Ordinary Shares (fully paid and quoted). (b) Number issued: 55,000. (c) The issue price: 50,000 shares at NZ$1.12.8 and 5,000 shares at NZ$1.00. (d) Payment was in cash. (e) The shares were initially partly paid to 1 cent per share. The balance of the issue price has now been paid in accordance with the terms of the issue set out in (i) below. (f) The percentage of the total class of securities issued - less than 0.5%. (g) The reason for issue: The shares were initially allotted to eligible employees under the terms of the Employee Share Ownership Plan (ESOP). (h) The specific authority for the issue: Pursuant to Listing Rule 7.3.6.

(i) The terms or details of the issue: The shares were issued to eligible employees under the terms of the ESOP (and so held in trust following allotment). At the allocation date the purchase price of the shares was the market value plus a 20% premium. The shares remained registered in the name of the Plan Company until the balance of the issue price was paid in accordance with the ESOP rules and the 2 year escrow period had passed. The balance of the issue price has now been paid. Full rights now attach to these shares. (j) Total number of securities in this Class after the issue: 389,092,572 - Listed Ordinary Shares (k) N/A. (l) Date that the balance of the issue price was paid in accordance with the ESOP: 30 June 2010

Craig Jones Company Secretary End CA:00196724 For:NZO Type:ALLOT Time:2010-06-30:13:35:10

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