SSH: PRC: SSH (New Zealand Oil & Gas Limited)

21 May 2010 5:18 pm

PRC 21/05/2010 SSH

REL: 1718 HRS Pike River Coal Limited

SSH: PRC: SSH (New Zealand Oil & Gas Limited)

Disclosure of movement of 1% or more in substantial holding or change in nature of relevant interest or both

Sections 23 and 24, Securities Markets Act 1988

Relevant event being disclosed Movement in 1% or more in substantial holding

Date of relevant event: 21 May 2010

To: NZX Limited and Australian Securities Exchange

And: Pike River Coal Limited

Date this disclosure made: 21 May 2010

Date last disclosure made: 27 April 2009

Substantial security holder(s) giving disclosure

Name(s): New Zealand Oil & Gas Limited and its wholly owned subsidiary NZOG Services Limited

Contact details: Ralph Noldan Phone: +64 4 495 2411 Email: ralph.noldan@nzog.com

Summary of substantial holding to which disclosure relates

Class of listed voting securities: Ordinary Shares (NZX Code: PRC) (shares)

Summary for: New Zealand Oil & Gas Limited and NZOG Services Limited

For this disclosure, -

(a) Total number held in class: 170,284,273 (beneficial interest 119,031,670; non-beneficial interest 51,252,603)

(b) Total in class: 404,781,367

(c) Total percentage held in class: 42.068%

For last disclosure, -

(a) Total number held in class: 151,193,262 (beneficial interest 102,637,600; non-beneficial interest 48,555,662)

(b) Total in class: 346,833,749

(c) Total percentage held in class: 43.592%

Details of transactions and events giving rise to relevant event

The allotment of 45,454,545 shares pursuant to a rights issue on 21 May 2010 at $0.88 per share has triggered a 1% change event.

Details of relevant interests in substantial holding after relevant event

Details for: New Zealand Oil & Gas Limited and NZOG Services Limited.

Nature of relevant interest(s): New Zealand Oil & Gas Limited is the holding company of NZOG Services Limited. NZOG Services Limited is the registered holder and beneficial owner of 119,031,670 shares. Both New Zealand Oil & Gas Limited and NZOG Services Limited have a qualified non-beneficial interest in shares held by Gujarat NRE Limited and Saurashtra World Holdings Private Limited under the agreements referenced below.

New Zealand Oil & Gas Limited and Saurashtra Fuels Private Limited - Terms contained in Equity Subscription Agreement between the parties dated 20 September 2005. (This document was lodged with the Substantial Security Holder Notice filed on 22 May 2007.)

New Zealand Oil & Gas Limited and Gujarat NRE Coke Limited - Terms contained in Equity Subscription Agreement between the parties dated 12 June 2006. (This document was lodged with the Substantial Security Holder Notice filed on 22 May 2007.)

For that relevant interest, -

(a) Number held in class: 170,284,273

(b) Percentage held in class: 42.068%

(c) Current registered holder(s) of securities:

NZOG Services Limited (119,031,670 shares) Saurashtra World Holdings Private Limited (22,309,358 shares)

Gujarat NRE Limited (28,943,245 shares)

(d) Registered holder(s) of securities once transfers registered: Not applicable

Additional information

Nature of connection between substantial security holders: New Zealand Oil & Gas Limited is the holding company of NZOG Services Limited, so they are related bodies corporate.

Address of substantial security holder: Level 20, 125 The Terrace, 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: Saurashtra Fuels Private Limited, Saurashtra World Holdings Private Limited.

Declaration

I, Ralph Noldan, 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:00195203 For:PRC Type:SSH Time:2010-05-21:17:18:36

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