SSH: NZO: SSH (Accident Compensation Corporation ("ACC"))

8 Jul 2010 1:49 pm

NZO 08/07/2010 SSH

REL: 1349 HRS New Zealand Oil and Gas Limited

SSH: NZO: SSH (Accident Compensation Corporation ("ACC"))

Disclosure of beginning to have substantial holding Section 22, Securities Markets Act 1988

To: NZX Limited And: New Zealand Oil & Gas Limited Date this disclosure made: 08 Jul 10 Substantial security holder(s) giving disclosure Name(s): Accident Compensation Corporation ("ACC") Nicholas Bagnall, Blair Tallott, Ian Graham Contact details: Kym Nijsse +64 4 918 7067 Kym.nijsse@acc.co.nz Date on which substantial security holder(s) began to have substantial holding: 07 Jul 10 Summary of substantial holding to which disclosure relates Class of listed voting securities: New Zealand Oil & Gas Limited Ordinary Shares (NZO) Summary for: Accident Compensation Corporation ("ACC") Nicholas Bagnall, Blair Tallott, Ian Graham For this disclosure,-- (a) Total number held in class: 19,502,922 (b) Total in class: 389,092,572 (c) Total percentage held in class: 5.012% Details of relevant interests in substantial holding after relevant event Details for: ACC Nature of relevant interest(s): Beneficial owner of securities under s 5 (1) (b) of the Securities Markets Act No relevant agreement document needs to be attached under regulation 11. For that relevant interest,-- (a) Number held in class: 19,502,922 (b) Percentage held in class: 5.012% (c) Current registered holder(s) of securities: ACC; 19,476,728 shares via New Zealand Central Securities Depository Limited (NZCSD) and 26,194 shares via JP Morgan Nominees Australia Ltd (d) Registered holder(s) of securities once transfers registered: n/a Details for: Nicholas Bagnall, Blair Tallott, Ian Graham Nature of relevant interest(s): Qualified powers to exercise control of rights to vote and of acquisition or disposal of some or all of the securities, of which the Accident Compensation Corporation ("ACC") is the beneficial owner under s 5(1)(c)and 5 (1)(d) of the Securities Markets Act. Further to regulation 11(2)(b), the material terms of this arrangement are that powers are subject to ACC investment policies and the decisions of the ACC Investment Committee. For that relevant interest, (a) Number held in class: 19,502,922 (b) Percentage held in class: 5.012% (c) Current registered holder(s) of securities: ACC; 19,476,728 shares via New Zealand Central Securities Depository Limited (NZCSD) and 26,194 shares via JP Morgan Nominees Australia Ltd (d) Registered holder(s) of securities once transfers registered: n/a Details of transactions and events giving rise to person beginning to have substantial holding Details of the transactions or other events requiring disclosure under the instructions to this form: On market purchase of 140,000 shares for consideration NZD 167,266.40 on the 7th July 2010 Additional information Nicholas Bagnall, Blair Tallott, Ian Graham are employees and portfolio managers for ACC. Under current ACC investment policies, they have the discretion to exercise control over some or all the rights to vote and acquisition or disposal of some or all of the securities of which ACC is the beneficial owner Address(es) of substantial security holder(s): ACC : 81-83 Molesworth Street, Wellington Name of any other person believed to have given, or believed to be required to give, a disclosure under the Act in relation to the securities to which this disclosure relates: n/a Declaration I, Kym Nijsse, declare that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made. End CA:00197087 For:NZO Type:SSH Time:2010-07-08:13:49:50

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