New Zealand Oil & Gas Ltd (NZOG) is delighted with the outcome of an Options exercise which has provided the company with a capital injection of more than NZ$190 million.
A further tranche of 1,491,020 Ordinary Shares were allotted yesterday evening, taking the total number of exercised Options to 128,482,977.*
Just under 139 million Options were on issue, which were convertible to Ordinary Shares up until 30 June 2008 for a payment of NZ$1.50 each. 92.5% have been exercised, raising NZ$192,724,465.50. (No brokerage or other fees were payable).
NZOG's issued capital is now 383,698,721 Ordinary Shares. At market opening this morning, this gave the company a market capitalisation of approximately NZ$650 million.
NZOG Chief Executive David Salisbury said the company is extremely pleased with the support shown by investors.
"To raise almost $200 million in the current investment climate is a significant statement of faith in New Zealand Oil & Gas Ltd. Together with the strong revenue flows coming from the Tui oilfields, the capital injection gives us the opportunity - and the challenge - of aggressively pursuing sensible investment opportunities in the oil & gas sector.
"The company is very focused on maximising value from its existing assets and identifying new, value adding investments."
* Any late or amended allotments will be announced to the market in due course.
ENDS
Options Exercise Results [21kB]
