NZ Oil & Gas options take-up exceeds 90%, more to come

Thursday 3rd July 2008

New Zealand Oil & Gas said the take-up of its June 2008 options has reached 90.5% with a further allotment anticipated next week.

Shares on issue have risen to 382 million from 262 million in January. The stock fell 4.4% to NZ$1.73, having reached a record NZ$1.91 yesterday.

NZOG is been reaping its 12.5% share of output from the Tui oilfield, which was 14.2 million barrels in the year ended June 30, sold at an average US$100 a barrel.

AWE is the operator of the field and largest participant, with 42.5%. Mitsui E & P Australia Pty has 35% and Pan Pacific Petroleum NL has 10%.

By Jonathan Underhill

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