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NZOG takes shareholding in Pan Pacific Petroleum


Published Dec 18, 2008
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NZOG appoints new director

New Zealand Oil & Gas Ltd (NZOG) has disclosed to the NZX and ASX that by the close of trading on the ASX yesterday it had acquired 5.77% of the issued shares of Pan Pacific Petroleum NL (PPP).

NZOG is seeking to acquire a strategic stake in PPP so as to increase its exposure to the attractive producing Tui area oilfields in offshore Taranaki. The two companies are joint venture partners in Tui; NZOG with a 12.5% stake and PPP with 10%.

The shareholding is being acquired at a premium to the recent market price of PPP. NZOG Chief Executive David Salisbury said NZOG believes it is paying a fair and attractive price to achieve a meaningful shareholding in PPP.

Tags: New Zealand Oil and Gas Ltd



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