Tui deal should have shifted NZOG share price, says Clare Capital

Thu, 10 Oct 2013

By Pattrick Smellie Oct. 11 (BusinessDesk) – Last week’s purchase of Mitsui E&P’s 35 percent interest in the Tui oil and gas field was at a “really cheap price”, but has inexplicably failed to significantly move the share price of the main apparent beneficiary, New Zealand Oil & Gas, says Wellington investment banker Mark Clare. An analysis from Clare Capital says the deal effectively sold the Japanese oil major’s stake at the equivalent of US$7.16 per barrel of oil equivalent, when the world market price is around US$108.80, based on publis...

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