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Ofer Group winning fight for New Zealand Oil & Gas

Ofer Group winning fight for New Zealand Oil & Gas

By Staff Writer - November 16, 2017

oil, company, worker, monaco
Photo: Norsk olje og gass

Monaco’s Ofer Global’s takeover attempt for New Zealand Oil & Gas has strengthened to 36 percent acceptances, while a former competitor in the takeover tussle, Australia’s Zeta Energy, has also said it will add its 17 percent holding, taking the figure to 53 percent.

Ofer Global had earlier said that it wants between 50 and 70 percent of NZOG. Ofer Global – through its takeover vehicle Singapore-based OG Oil & Gas – has indicated that it wants to extend oil and gas exploration around New Zealand, possibly including two deepwater prospects. It would seek a joint venture partner for the exploration projects.

The latest offer from the Ofer Group of 78 cents a share has been unanimously accepted by NZOG’s board. The offer remains open until December 9.

Ofer Global is chaired by Eyal Ofer and has extensive interests globally in shipping, real estate, and banking and investments.


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