NZOG pitches Kupe sale as diversification play in buyer's market

Thu, 15 Dec 2016

By Paul McBeth Dec. 16 (BusinessDesk) - New Zealand Oil & Gas made its final pitch to shareholders to sign off the sale of its 15 percent stake in the Kupe oil and gas field to Genesis Energy for $168 million as the energy explorer and producer looks to diversify its portfolio at a time when it should be able to pick up assets cheaply. The Wellington-based company's board recommended the deal, which was above the valuation by independent adviser Northington Partners and at the high end of NZOG's own internal valuations, chairman Rodger F...

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