Posted on 27/04/2022
Multiple growth projects across New Zealand and Australia 1-for-2.7625 renounceable rights offer at NZ$0.42 per share Pro rata to existing shareholders with opportunity to apply for unaccepted shares under oversubscription facility Cornerstone shareholder to take its full entitlement (subject to regulatory restrictions) Conversion to full ASX listing in progress
New Zealand Oil & Gas Limited (NZX: NZO, ASX: NZO) has announced an equity raising of up to NZ$25 million through a 1-for-2.7625 renounceable rights offer.
The capital raise enables a cycle of investment in growth projects at producing assets in Australia and New Zealand as well as offering the opportunity to take part in exploration.
Growth projects include immediate and future activities, including:
More detail about development projects and risks is contained in the investor presentation that accompanies this announcement.
New Zealand Oil & Gas chief executive Andrew Jefferies says the timing is right to invest in growth of the company’s assets.
“Prices for oil and gas are very strong. In a time of global instability, in a world needing our energy, ethically-sourced oil and gas from Australia and New Zealand offers new opportunities for continued growth at an attractive balance of risk and return.
Funding will strengthen the New Zealand Oil & Gas balance sheet and provide cashflow to deliver for investors through development of producing assets with the chance of exploration upside.