NZOG shares jump to 20-month high on Kupe sale, floats partnership for Shell assets

Tue, 15 Nov 2016

By Paul McBeth Nov. 16 (BusinessDesk) - New Zealand Oil & Gas shares jumped to a 20-month higher after the energy explorer and producer agreed to sell its stake in the Kupe oil and gas field, giving it enough cash to make a capital return to shareholders and pursue new acquisitions. The Wellington-based company has agreed to sell its 15 percent stake in Kupe to partner Genesis Energy for $168 million, more than NZOG's market value before the deal was announced, and some 2.5-to-3 times the market's valuation of the asset, acting chief exe...

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