NZO
10/03/2016 17:04
BUYBACK
PRICE SENSITIVE
REL: 1704 HRS New Zealand Oil and Gas Limited
BUYBACK: NZO: Share Buyback
New Zealand Oil & Gas Limited today announces, pursuant to NZX Main Board
Listing Rule 7.6.2, the intention to buy back up to 64 million fully paid
ordinary shares under section 63 of the Companies Act and pursuant to the
approval of shareholders received at the special meeting of shareholders held
on 28 August 2015.
The Board considers that the market price of the company's shares is lower
than is justified by the underlying value of the company's assets and
therefore that all shareholders would benefit if shares are bought and
cancelled by the company.
The company has 338,180,618 listed ordinary shares. While the maximum number
of shares that may be acquired in the buyback is 64 million, whether shares
are bought back at all will depend on the market conditions and other factors
prevailing at the relevant time. The company will regularly reassess the
situation and seek to purchase shares at prices that in its view represent
the best value for shareholders.
A disclosure notice, required by the NZ Companies Act, is attached and will
be sent to all shareholders as soon as possible.
Purchases under the buyback may occur no earlier than 10 working days after
the date that the disclosure notice has been sent to all shareholders and may
continue up until 9 March 2017, following which further notice will be
provided to NZX and a refreshed disclosure notice will be issued prior to
continuing under the approved buyback.
John Pagani
External Relations Manager
+64 21 570 872
End CA:00279101 For:NZO Type:BUYBACK Time:2016-03-10 17:04:58
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