Z Energy Bonds prospectus registered

Wednesday 29th June 2011

Z Energy Limited, formerly Greenstone Energy Limited, has today registered a Prospectus for an offer of up to NZ$100 million bonds (with the ability to accept oversubscriptions of up to NZ$50 million).

The offer opens on Friday 8 July 2011 and will remain open until 5 August 2011 (unless extended by Z Energy).

The bonds will have an interest rate of 7.25% p.a. and will mature on 15 August 2018.

The Bonds are secured and guaranteed by the Issuer, Greenstone Energy Holdings Limited and Aotea Energy Limited, together with other subsidiaries of Aotea Energy Limited, which are jointly called “Z Energy Group”. The joint owners, New Zealand Superannuation Fund and Infratil, do not guarantee the bonds.

The Z Energy Group's banks and bondholders share the same security over the issuer's and guarantors' assets on an equal ranking basis. This security ranks behind Shell's security over petroleum products that Shell has supplied for which it has not been paid, and their proceeds, and statutorily preferred creditors.

Interest will be paid quarterly, with the first interest payment date scheduled to occur on 15 August 2011. The first interest payment will be interest to the original subscriber (ITOS) and include early bird interest earned on subscription monies from the date these are banked into the offer trust account.

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