OG Oil & Gas wants to increase its stake in New Zealand Oil & Gas to 67% and, along with the Cushing family's H&G Ltd's 9.2% stake, now holds 17.9%.
Last week, a competing takeover bid by Zeta Resources lapsed after acceptances failed to reach the minimum 50% Zeta sought.
Zeta was offering 72c, while OG Oil and Gas had upped its offer by 1c to 78c, which put it within an independent valuation range. The offer was backed fully by New Zealand Oil & Gas' board.
Zeta wanted to take a controlling stake and withdraw from oil and gas exploration, dangling a carrot before shareholders of a $50 million return, while OG Oil and Gas wants to promote exploration, much of it in high-risk deepwater prospects off the coast of Oamaru and Invercargill.
OG Oil and Gas wants to increase exploration but bring in bigger partners for any test drilling programme, which could cost $US100 million or more.
