New Zealand Oil and Gas (ASX:NZO) raises NZ$23.3m to fund growth projects

• New Zealand Oil and Gas (NZO) raises NZ$23.3 million (A$25.5 million) from its pro-rata renounceable rights offer to fund its growth projects in Australia and New Zealand
• The company received applications for 55.4 million new shares at a price of NZ$0.42 (A$0.38) each
• There was a shortfall from what it was originally seeking to raise, but OG Oil & Gas will take up the full shortfall of 4.12 million shares as underwriter
• The new shares will begin trading on Friday on the NZX and on Monday for the ASX
• Shares are trading flat today at 40 cents each at 10:06 am AEST

New Zealand Oil and Gas (NZO) has raised NZ$23.3 million (A$25.5 million) from its pro-rata renounceable rights offer to fund its growth projects in Australia and New Zealand.

The company received applications for 55.4 million new shares at a price of NZ$0.42 (A$0.38) each.

There was a shortfall from what it was originally seeking to raise, but OG Oil & Gas will take up the full shortfall of 4.12 million shares as underwriter.

Chief Executive Andrew Jefferies was pleased with the outcome of the capital raise.

“I am very appreciative of the support our shareholders have provided, and we will be using the capital raised to get after the exciting opportunities we talked about in the offer document,” he said.

“These will deliver volumes into energy markets that are feeling the strain of world events.”

The new shares will begin trading on Friday on the NZX and on Monday for the ASX.

Shares were trading flat today at 40 cents each at 10:06 am AEST.