Ann: GENERAL: NZO: Further comment on PRCL offer

• Release Date: 09/03/12 18:54
• Summary: GENERAL: NZO: Further comment on PRCL offer
• Price Sensitive: No
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NZO
09/03/2012 16:54
GENERAL

REL: 1654 HRS New Zealand Oil and Gas Limited

GENERAL: NZO: Further comment on PRCL offer

NZOG (New Zealand Oil & Gas Ltd) wishes to provide further comment to the
market regarding the announcement this afternoon by the Receivers for Pike
River Coal Ltd, with regard to the implications for NZOG as a secured
creditor.

NZOG understands that Solid Energy has offered to purchase the business and
assets of Pike River Coal Ltd (in Receivership), subject to the terms set out
in the offer letter being satisfactorily concluded. The final terms are still
to be agreed and the sale is subject to various conditions being met.

NZOG expects it will be able to provide further details of the structure and
timing of the distribution of funds when the final sale and purchase
agreement is signed between Solid Energy and the Receivers.
End CA:00220555 For:NZO    Type:GENERAL    Time:2012-03-09 16:54:19