SSH: NZO: SSH Notice (Blair Tallott)

13 Jul 2010 10:06 am

NZO 13/07/2010 SSH

REL: 1006 HRS New Zealand Oil and Gas Limited

SSH: NZO: SSH Notice (Blair Tallott)

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 2010

Substantial security holder(s) giving disclosure Name(s): Blair Tallott 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 2010

Summary of substantial holding to which disclosure relates Class of listed voting securities: New Zealand Oil & Gas Limited Ordinary Shares Summary for: Blair Tallott

For this disclosure,-- (a) Total number held in class: 19,515,799 (b) Total in class: 389,092,572 (c) Total percentage held in class: 5.016%

Details of relevant interests in substantial holding after relevant event Details for: Blair Tallott 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: 12,877 (b) Percentage held in class: 0.003% (c) Current registered holder(s) of securities: 12,877 shares held by Blair Tallott either directly or indirectly (d) Registered holder(s) of securities once transfers registered: n/a

Details for: Accident Compensation Corporation ("ACC") 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 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 ; 19,502,922 shares held via New Zealand Central Securities Depository Limited (NZCSD) 26,194 shares held 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 by ACC of 140,000 shares for consideration NZD 167,266,40 on the 7th July 2001

Additional information Blair Tallott is an employee and portfolio managers for ACC. Under current ACC investment policies, he has 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, Blair Tallott, 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:00197206 For:NZO Type:SSH Time:2010-07-13:10:06:31

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