OPINION: Minority shareholders of New Zealand’s solely listed oil and gasoline firm, New Zealand Oil and Gasoline, have been urged by the corporate’s impartial administrators to promote and transfer on.
Regardless of that the supply worth is on the very low finish of the valuer’s vary and by no means thoughts that the corporate has an enormous portfolio of exploration targets.
The explanations are clear: petroleum corporations aren’t what the present Authorities sees when it dreams of the future. And when Singapore-based OGOG seals its takeover of New Zealand Oil and Gasoline (NZOG) – because it probably will within the shareholder vote scheduled for mid-October – it will likely be a triumph of coverage consequence.
That coverage is final 12 months’s Government ban on all new offshore exploration. It is not outright, in that current permits endure as much as 2030. And onshore exploration permits in Taranaki will likely be issued till 2021.
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