NZ Oil & Gas (NZO)

[Waiuta]

spot OIL prices Breaking record highs in AUD/NZD .... and here we have NZO down on min trade ...

Milked by management, stuff the shareholders?

[fish]

Milked by management, stuff the shareholders?

Have you any evidence for this ?
I doubt it today but suspect it happened before ogog takeover
Vast profits were made with Tui but only small dividends under TR
OGOG appear to have the expertise to return dividends-but say this will not happen for 1 to 3 years because of Amadeus and drilling in an established and safe area with gas pipelines already existing to send it for export and obtain international lpg prices

[JBmurc]

Milked by management, stuff the shareholders?

Well in CUE's case >>Alastair McGregor, Andrew Jefferies, Samuel Kellner and Marco Argentieri have elected not to be paid by the Company...(2021 Ann report)
Not sure how much they get paid by NZO

[fish]

Well in CUE's case >>Alastair McGregor, Andrew Jefferies, Samuel Kellner and Marco Argentieri have elected not to be paid by the Company...(2021 Ann report)
Not sure how much they get paid by NZO

The directors employed by Eyal Ofer are not paid by NZO

[fish]

Thanks Waitua - much appreciated. I'm not super keen to put extra money in, but if buying a few extras makes for a few less for OG, then all good.

Reading the nzx NZo annoucements carefully ogog have put themselves last in the queue .
I guess since they do not trade shares they value liquidity more than increasing their percentage holding.
This opportunity ends 5pm Monday so I need to decide asap how many to apply for .
Usually I apply for extra rights with the expectation of scaling .
With natural gas prices so high and looking strong for a long time I am considering applying for a lot more.All the large shareholders appear to be taking up their full allocation so the oversubscription pool may be small .
Digger has stated he cannot take up all his rights -the only person I am aware doing so .

[digger]

Reading the nzx NZo annoucements carefully ogog have put themselves last in the queue .

Digger has stated he cannot take up all his rights -the only person I am aware doing so .

Yes that is correct. Only can afford to take up half of them. Too many other commitments elsewhere.No reflection on what I think of future prospects,so if any of you want to take them up you are welcome.

[fish]

Yes that is correct. Only can afford to take up half of them. Too many other commitments elsewhere.No reflection on what I think of future prospects,so if any of you want to take them up you are welcome.

Much appreciated digger .

[Lion]

Reading the nzx NZo annoucements carefully ogog have put themselves last in the queue .
I guess since they do not trade shares they value liquidity more than increasing their percentage holding.
This opportunity ends 5pm Monday so I need to decide asap how many to apply for .
Usually I apply for extra rights with the expectation of scaling .
With natural gas prices so high and looking strong for a long time I am considering applying for a lot more.All the large shareholders appear to be taking up their full allocation so the oversubscription pool may be small .
Digger has stated he cannot take up all his rights -the only person I am aware doing so .

fish, I'm taking up exactly my entitlement. But I don't hold as many now as I once did.
I sold a few at 50.3c sometime ago to help pay for the new shares at 42c.

[fish]

Good move Lion

[Sideshow Bob]

NOTIFICATION OF LEVEL OF SUBSCRIPTION UNDER NZX LISTING RUL - NZX, New Zealand’s Exchange

New Zealand Oil & Gas Limited (NZO) advises that it has successfully completed its pro rata renounceable rights offer of ordinary shares (New Shares) to raise NZ$25 million (the Rights Offer).

The Rights Offer, which closed at 5:00pm on Monday 23 May 2022, entitled shareholders to subscribe for 1 New Share for every 2.7625 shares held on the record date of 5 May 2022, at an issue price of NZ$0.42 or A$0.38 per New Share.

Applications were received under the offer for a total of 55,397,179 New Shares, out of 59,520,120 offered under the Rights Offer. The total proceeds from the subscriptions are approximately NZ$23.3 million.

The Rights Offer is underwritten by O.G Oil & Gas (Singapore) Pte. Ltd (OGOG). OGOG will be taking up the full shortfall of 4,122,941 shares.

Chief Executive Andrew Jefferies commented “I am very appreciative of the support our shareholders have provided, and we will be using the capital raised to get after the exciting opportunities we talked about in the offer document. These will deliver volumes into energy markets that are feeling the strain of world events. I look forward to providing further updates on our progress as we move forward.”

New Shares are expected to be issued on 27 May 2022, with trading on NZX commencing on that date. Trading in New Shares is expected to commence on ASX on 30 May 2022.

For the Purposes of NZX Listing Rule 3.17.1, NZO advises the following in respect of the Rights Offer.