Acquisition

OG Oil & Gas is seeking a partial takeover of New Zealand Oil & Gas Limited (NZOG)

Read about the detailed terms of our offer here.

Why are we making this offer?

We see three fundamental reasons for investing in NZOG:

1. Sector

Now is the right time in the exploration and development cycle to invest in the oil and gas sector. After many years of lean investment, we feel there is a unique opportunity for companies that are willing and able to prudently deploy resources toward new exploration. In our view, NZOG is in an enviable position to take advantage of this attractive point in the exploration and development cycle.

2. Company leadership

NZOG has the right leadership to cultivate the substantial value embedded in the company. It was through the Maari FPSO project that we first met members of NZOG’s management and executive team and came to appreciate their values and capabilities. Our experience on the Maari FPSO project and our more recent opportunities to work in conjunction with the NZOG team, have confirmed our belief that OGOG can work successfully with NZOG in the future.

3. New Zealand

Given Ofer Global’s experience in New Zealand, we are confident it is the right place to invest. Our affiliate Omni Offshore Terminals, a global leader in the provision of FSO and FPSO units, owned and operated the FPSO Raroa for a four-year period at the Maari Field. Omni invested more than US$300,000,000 in the engineering, design, construction, installation and operation of the Maari FPSO project. This included Omni working extensively with New Zealand subcontractors and awarding contracts worth more than US$18,000,000 annually. During that four-year period, more than 21,000,000 barrels of oil were produced and sold from the Maari Field. We estimate that more than US$1,700,000,000 of revenue was generated from crude oil sales for the Maari joint venture partners. Given our previous success, we look forward to again contributing to the New Zealand oil and gas industry.

What is our commitment?

Ofer Global has global reach, significant resources, wide-ranging relationships and a depth of experience in oil and gas and other industries. We are committed to deploying those assets to support NZOG and its existing management as it pursues attractive opportunities in the E&P sector, both in New Zealand and throughout the Asia-Pacific region. We are confident that Ofer Global can be helpful in identifying suitable farm-in partners for larger E&P opportunities like Clipper and Toroa. We think NZOG is on the right path and we look forward to many future opportunities to support its growth. The success of our Offer will ensure that NZOG stays on that path and has access to the resources that its needs. We believe that together we can create an extremely attractive investment proposition.