MARKETS

NZOG to raise $23 million

ASX listed oil and gas producer New Zealand Oil and Gas is looking to raise A$23 million via a renounceable rights issue, to fund work across its assets in the Amadeus Basin of the Northern Territory and boost production from the Kupe field in New Zealand.

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The offer is at a fixed price of NZ$0.42 cents per new share, representing a discount of 19.2% to its last closing price. It is underwritten by energy giant OGOG which already holds a significant...

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