NZOG board recommends sale of Kupe stake after report deems if 'fair'

Wed, 30 Nov 2016

By Tina Morrison Dec. 1 (BusinessDesk) - New Zealand Oil & Gas has recommended shareholders support the proposed sale of the energy explorer and producer's stake in the Kupe oil and gas field, after an independent appraisal report deemed the offer was fair. The independent appraisal of the proposed sale by Northington Partners, which is being mailed to shareholders today, valued the 15 percent stake in Kupe at between $130 million and $160 million. That places Genesis Energy's $168 million offer 16 percent above the $145 million mid-point...

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