Monaco-based Ofer Global’s partial takeover offer for New Zealand Oil & Gas (NZOG) has passed the minimum 50% acceptances required, boosted by gaining the 17% shareholding of former takeover competitor Zeta Energy of Australia.
While Ofer Global, through its Singaporean oil and gas subsidiary OG Oil & Gas (OGOG), has attained more than 62% acceptances from shareholders, the partial takeover is subject to Overseas Investment Office approval.
Government permitting agency New Zealand Petroleum & Minerals last month consented to the takeover deal.
OGOG’s chief executive Alastair McGregor said gaining the more than 50% stake was an important milestone for all the companies involved, which had included the 17% of shares held by Zeta.
"We are looking forward to getting to work," Mr McGregor said in a market update.
While Zeta had wanted to rein in NZOG’s exploration aims, potentially offering shareholders a return of capital, Ofer Global wants NZOG to ramp up offshore, deepwater exploration, including off the coasts of Oamaru and Invercargill.
OGOG’s 74c per share offer, to purchase up to 67.55% of NZOG, is open until January 8.
Last month, Anadarko became the latest major company to pull out of New Zealand, following Petrobras, Statoil and Mobil.
• Yesterday, the Overseas Investment Office and New Zealand Petroleum & Minerals consented to NZOG purchasing Mitsui E&P Australia’s 4% interest in the Kupe gas and light oil field in Taranaki, for $35million.
NZOG initiated discovery of the field in the 1980s and its development in the 2000s. In January this year, it sold its 15% stake to Genesis Energy for $168million, making a $96million gain.
Kupe is operated by Lattice Energy Resources (Kupe), which together with related companies has a 50% stake and Genesis Energy now holds 46%.
