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EXPLORERS FROM NEW ZEALAND NEW ZEALAND OIL & GAS SINCE 1981 2
New Zealand Oil & Gas Annual Report 2022 Contents
OUR COMPASS
REPORT FROM THE CHAIR AND CEO
HIGHLIGHTS
PRODUCTION AND RESERVES
RESERVES COMPLIANCE STATEMENTS
WHERE WE'RE ACTIVE
ACTIVITIES IN OUR ASSETS
SUSTAINABILITY AND COMMUNITY
Supporting Diversity In The Community
Supporting World Class Life Science
Supporting Vulnerable Families
Supporting Science Education
Supporting Communities Where We Work
Climate Change And Carbon Emissions
CORPORATE GOVERNANCE
SHAREHOLDER INFORMATION
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Statement of Cash Flows
Consolidated Statement of Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Notes to Financial Statements
INDEPENDENT AUDITOR’S REPORT
CORPORATE DIRECTORY
Signed on behalf of the board of New Zealand Oil & Gas Limited
on 27 September 2022.
Samuel Kellner
Chairman
Alastair McGregor
Director
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3
New Zealand Oil & Gas Annual Report 2022 WHO WE ARE
We are an oil and gas company with
an Australasian focus. We are ethical,
values‑based, and nimble.
We are an experienced, Wellington‑based
exploration and production company,
and we are growth ready.
Industry experts trusted by our stakeholders,
providing support and advice.
WHERE WE ARE GOING
Growing: Efficiently deploy our resources
purchasing additional production that
has development upside and exploration
that fits our asset base.
Improving: Use our skillsets, optimising
our processes, and extracting additional
value from our physical assets and the
wider group.
Realising: Support our operating partners,
Cue subsidiary, and stakeholders,
to identify mutual value add.
HOW WE WILL GET THERE
We use our capital resources, technical
capability, relationships, values,
shareholder support and flexibility to
create opportunities, execute reliably
and in a way that makes us proud, so
that high quality people want to work
with us.
Our
Compass
4
New Zealand Oil & Gas Annual Report 2022 Strength today and
growth tomorrow
Indonesia
production through
our Cue subsidiary
Australia production
and development
in the NT Amadeus
basin
New Zealand
production through
Kupe and Maari
Ambition to acquire
production with
development upside
with support from our
global-scale parent
We see natural gas assets providing security of supply to an
energy‑constrained world as it undergoes a decades‑long
energy transformation. We will pursue quality investment
opportunities.
5
New Zealand Oil & Gas Annual Report 2022 Our Values
TIKANGA: THE RIGHT THINGS THE RIGHT WAY
We operate safely, and do what we say we will do.
We display respect and understanding for other
people, opinions and cultures.
We respect values, rules and laws.
MAHI TAHI: WORK TOGETHER, COLLABORATE, COOPERATE, WITH TEAMWORK
We are open, honest and transparent.
We actively pitch in and help.
We have fun and work with passion.
We put big issues on the table so they
can be resolved.
PAˉKIKI: CONSUMED WITH CURIOSITY
We seek to better understand ourselves, and the
world, with the goal of constantly improving.
We explore new areas to add value to our work.
We work with initiative and imagination.
TAUHOKOHOKO: BARTER, BARGAIN, TRADE
We continually seek to add value through the
application of skills, brains and hard work.
We develop mutually beneficial relationships with
key stakeholders and partners.
We deliver excellent commercial outcomes.
6
New Zealand Oil & Gas Annual Report 2022
Report
from the
Chair and
CEO
Dear shareholder,
We are pleased to report on
a successful year for your
Company. Having refined our
strategy in 2020, we began
implementing it last year,
primarily with our Amadeus
acquisition. This year our efforts
have begun to bear fruit.
Our major acquisition in Australia, the growth of Cue’s
Mahato field in Indonesia, and optimisation of Kupe,
have led to our results advancing on every front. Having
produced 1.2 million barrels of oil equivalent in fiscal year
2022, we saw annual production increase 110% from the
previous year.
We are fortunate that our growing production has
coincided with strong oil and gas prices. This has
powered the bottom line, moving us firmly into
profitability. Revenue increased 133% to $83.8 million,
and we recorded a net profit after tax of $25.7 million, up
159% from the previous year.
We have a healthy pipeline of development opportunities
for the coming year, demonstrating that our assets will
continue to deliver for years to come.
In Australia, gas prices are considerably higher than we
expected when we decided to invest in the Amadeus
Basin. We have entered into sales agreements for
gas from the Mereenie field into East Coast trading
markets, capturing strong prices that we expect to
remain elevated for some time to come. To put this into
perspective, spot sales have averaged a netback of A$34
per GJ, compared to wholesale prices in the previous five
years of less than $10 per GJ.
7
New Zealand Oil & Gas Annual Report 2022 Even after pulling back recently, East Coast gas futures
nevertheless remain healthy.
To supply this market, a multi-well re-completion
programme and two new development wells are being
planned to increase near term production from Mereenie.
The joint venture opted to adjust the timing, sequence,
and duration of the drilling programme to divert
resources into boosting near term production and take
advantage of the strong prices being received for East
Coast gas.
In Indonesia, Cue’s Mahato field has delivered strong
results. 10 wells came into production in FY22, and 10
new wells are planned for FY23 with the potential to
double production in the Production Sharing Contract
(PSC). Cue’s Sampang PSC, also in Indonesia, continues
to provide opportunities, with a final investment decision
on the Paus Biru gas development expected this fiscal
year.
In New Zealand, earnings from Cue’s Maari field were up
substantially on the back of strong oil prices, while Kupe
production increased as a result of the compression
project coming online last year. Final investment
decisions are expected in the coming year: for a new
development well in the Kupe permit (New Zealand) ;
and for the Paus Biru development in the Sampang PSC
(Indonesia).
In every region where we are active, demand for oil and
gas is strong.
Gas, in particular, is proving to be crucial for energy
security. In every corner of the world, the value of gas’
role in the energy transition is in the spotlight. We are
happy to play our part in delivering this vital commodity
to the communities we serve.
Growth requires capital, and consequently we undertook
a capital raising in 2022. We are grateful for the
continued support of shareholders.
8
The company’s primary listing transferred to the ASX,
where we believe capital markets are more familiar with
oil and gas and where more of our peer companies are
listed. We continue to trade as a foreign exempt entity
on the NZX and shareholders may choose to trade on
either exchange as shares continue to be quoted on both.
We have taken meaningful steps to grow the company
this year and we have exciting opportunities in front of us
in the year ahead. We appreciate the continued support
of our shareholders and look forward to updating you on
our progress in the coming year.
Samuel Kellner
Chairman
Andrew Jefferies
CEO
New Zealand Oil & Gas Annual Report 2022 Highlights
FINANCIAL RESULTS
Revenue for FY 2022 $83.8m
(up from $36.0m in FY2021)
Net profit after tax $25.7m
(up from a loss of $43.2m).
Profit of 9.9 cents per share.
Net cash inflow from operations $31.5m
(up from $6.0m)
PRODUCTION
INCREASED
Production 5.9PJ, up from 2.6PJ in FY 2021 net
to NZOG inc. Cue share and Amadeus only since
1 Oct 2021 (gas only, excluding oil & LPG)
SUCCESSFUL
CAPITAL RAISE
Successful completion of a pro rata
renounceable rights offer of ordinary shares,
raising $25.0 million.
PRIMARY LISTING
CONVERTED TO ASX
Conversion to full listing status on the ASX and
foreign exempt status on the NZX from 27 June
2022.
SUSTAINABILITY
HIGHLIGHTS
Maintained Rainbow Tick.
Emissions intensity reduced by 10.8% from 6.23
to 5.56 tCO2e per TJ produced.*
545 trees planted during the year towards a
total of 4,559 trees.
140 homes in Dunedin helped with quality
curtains, saving 8.4 tonnes of CO2, and on
average saving each home $170 a year for a
total of more than $23,000 a year in
savings for needy families.
*Note that emissions from the Amadeus Basin assets are estimates based off production figures and
actual emissions will be advised in time. Therefore the intensity calculation is also an estimate.
9
New Zealand Oil & Gas Annual Report 2022 Production
and Reserves
to 2022
Actual and Forecast 2P Production
millions of barrels of oil equivalent
Mahato
Dingo
Palm Valley
Mereenie
Wortel
Oyong
Maari
Kupe
1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0
Actual
Forecast
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
Note that 2022 in this plot is on a full 12 month basis for ease comparison (so Amadeus assets have been included on a 12 month basis).
10
New Zealand Oil & Gas Annual Report 2022
Production
New Zealand Oil & Gas share (net)
Maari
Kupe
Sampang PSC
Amadeus
Mahato
Some rounding. The New Zealand Oil & Gas interest in Mahato, Maari and Sampang is held through Cue Energy. New Zealand Oil & Gas has a 50.04% interest in Cue.
Graphic shows Cue’s full interest. Production from the Amadeus assets is from 1 October 2021 until 30 June 2022. The Mahato field is currently under development.
11
120,000140,000160,000100,00080,00060,00040,00020,0000barrelsOilGasLPG3,0003,5004,0002,5002,0001,5001,0005000terajoulestonnes3,6004,2004,8003,0002,4001,8001,20060002017201820198981,0281,0222020202120229309209632017201820193,1134,4033,933202020214,0533,99920224,1032017201820192,3501,507202020211,2841,64720221,3791,66220223,5331,662201720182019152,201115,823130,28120202021108,93288,333202278,18820172018201945,84341,12228,24346,32920202021202232,57725,84120172018201938,1213,03820205,021202120222,4841,3313,207202228,5192022126,397New Zealand Oil & Gas Annual Report 2022
Reserves
at 30 June 2022
Proved (1P) Reserves at 1 July 2022
Geographic area
New Zealand
Maari*
Kupe
Amadeus Basin,
Australia
Mereenie**
Palm Valley**
Dingo**
Indonesia
Sampang PSC*
Mahato*
Total
0.0
5.6
0.0
24.4
25.0
8.9
6.8
3.2
0.0
0.0
0.0
0.0
0.0
0.0
49.4
24.4
1.2 mmboe
0.3 mmboe
0.8 mmboe
0.5 mmboe
1.1 mmboe
Developed
Undeveloped
Total
Gas
(PJ)
LPG
(kt)
Oil &
Condensate
(mmb)
Total
(mmboe)
Gas
(PJ)
LPG
(kt)
Oil &
Condensate
(mmb)
Total
(mmboe)
Gas
(PJ)
LPG
(kt)
Oil &
Condensate
(mmb)
Total
(mmboe)
0.3
0.1
0.3
0.0
0.0
0.0
0.8
1.5
0.3
1.2
4.4
1.4
1.1
0.5
0.8
9.8
0.0
0.6
4.3
0.0
10.3
0.0
0.0
15.2
0.0
2.8
0.0
0.0
0.0
0.0
0.0
2.8
0.7 mmboe
0.1 mmboe
0.3 mmboe
e
4
.
4
o
b
m
m
0.0
0.0
0.0
0.0
0.0
0.0
0.3
0.3
0.0
0.1
0.7
0.0
1.7
0.0
0.0
2.8
0.0
6.2
0.0
27.3
29.3
8.9
17.1
3.2
0.0
0.0
0.0
0.0
0.0
0.0
64.6
27.3
0.3
0.1
0.3
0.0
0.0
0.0
1.1
1.8
0.3
1.4
5.1
1.4
2.8
0.5
1.1
12.6
1.4 mmboe
0.3 mmboe
1.1 mmboe
0.5 mmboe
e
o
b
1
.
m
5
m
1 . 4
m m b
o e
m
m
2.8
boe
m
1.4
mboe
1 . 7
mm b o e
Maari
Kupe
Mereenie
Palm Valley
Dingo
Sampang PSC
Mahato
As at evaluation date. Some rounding. Includes 100 per cent of Cue’s interests. New Zealand Oil & Gas has a 50.04% interest in Cue. See statement Page 14.
12
New Zealand Oil & Gas Annual Report 2022
Proved + Probable (2P) Reserves at 1 July 2022
Developed
Undeveloped
Total
Gas
(PJ)
LPG
(kt)
Oil &
Condensate
(mmb)
Total
(mmboe)
Gas
(PJ)
LPG
(kt)
Oil &
Condensate
(mmb)
Total
(mmboe)
Gas
(PJ)
LPG
(kt)
Oil &
Condensate
(mmb)
Total
(mmboe)
Geographic area
New Zealand
Maari*
Kupe
Amadeus Basin,
Australia
Mereenie**
Palm Valley**
Dingo**
Indonesia
Sampang PSC*
Mahato*
Total
0.0
6.5
0.0
28.5
35.1
13.0
7.6
5.0
0.0
0.0
0.0
0.0
0.0
0.0
67.2
28.5
1.0 mmboe
0.4 mmboe
1.0 mmboe
0.8 mmboe
1.2 mmboe
m
m
2.1
boe
Geographic area
New Zealand
Maari*
Kupe
Amadeus Basin, Australia
Mereenie**
Palm Valley**
Dingo**
Indonesia
Sampang PSC*
Mahato*
Total
0.4
0.2
0.4
0.0
0.0
0.0
1.0
1.9
e
o
1
b
6.
m
m
0.0
4.4
0.0
0.0
0.0
0.0
0.0
4.4
0.4
1.4
6.1
2.1
1.2
0.8
1.0
0.0
1.0
6.1
0.0
11.9
0.0
0.0
13.1
19.0
0.2 mmboe
0.2 mmboe
0.2
0.0
0.0
0.0
0.0
0.0
0.5
0.7
oe
b
m
.0
1
m
m
m
0.
b
5
o
e
1.9
mmb o e
0.2
0.2
1.0
0.0
1.9
0.0
0.5
3.8
0.0
7.4
0.0
32.7
41.2
13.0
19.5
5.0
0.0
0.0
0.0
0.0
0.0
0.0
86.1
32.7
1.7 mmboe
0.6 mmboe
1.4 mmboe
0.8 mmboe
m
m
3
.
2
b
o
e
2.1
mmboe
0.6
0.2
0.4
0.0
0.0
0.0
1.4
2.6
0.6
1.7
7.1
2.1
3.2
0.8
1.4
17.0
1
7.
e
o
b
m
m
Maari
Kupe
Mereenie
Palm Valley
Dingo
Sampang PSC
Mahato
As at evaluation date. Some rounding. Includes 100 per cent of Cue’s interests. New Zealand Oil & Gas has a 50.04% interest in Cue. See statement Page 14.
Remaining Proven & Probable (2P) Oil & Gas Reserves Change (mmboe)
EOFY21
Amadeus
Acquisition
FY22
Production***
EOFY21
Adjusted
In Year
Revisions
EOFY22
0.7
2.1
8.7
2.1
2.9
0.8
0.4
17.7
0.1
0.2
0.5
0.2
0.1
0.2
0.1
1.5
0.6
1.9
8.2
1.9
2.8
0.6
0.3
16.2
0.0
-0.2
-1.1
0.2
0.4
0.2
1.1
0.7
0.0
0.6
1.7
7.1
2.1
3.2
0.8
1.4
17.0
13
*Includes 100% of Cue's equity. **New Zealand Oil & Gas and Cue equity. ***Note that 2022 in this plot is on a full 12 month basis for ease comparison.
New Zealand Oil & Gas Annual Report 2022
Reserves
Compliance
Statements
Oil and gas reserves, are reported as at 1 July
2022 and follow the SPE PRMS Guidelines
(2018).
This resources statement is approved by, based on, and
fairly represents information and supporting documentation
prepared by New Zealand Oil & Gas Assets & Engineering
Manager Daniel Leeman. Daniel is a Chartered Engineer
with Engineering New Zealand and holds Masters’ degrees
in Petroleum and Mechanical Engineering as well as a
Diploma in Business Management and has over 14 years of
experience. Daniel is also an active professional member of
the Society of Petroleum Engineers and the Royal Society
of New Zealand. New Zealand Oil & Gas reviews reserves
holdings twice a year by reviewing data supplied from the
field operator and comparing assessments with this and
other information supplied at scheduled Operating and
Technical Committee Meetings.
Daniel is currently an employee of New Zealand Oil & Gas
Limited whom, at the time of this report, are a related party
to Cue Energy. Daniel has been retained under a services
contract by Cue Energy Resources Ltd (Cue) to prepare an
independent report on the current status of the entity’s
reserves. As of the 17th of January 2017, NZOG held an
equity of 50.04% of Cue.
Kupe reserves are determined by deterministic reservoir
simulation modelling conducted by the operator Beach
Energy, the operator at Kupe where New Zealand Oil & Gas
hold 4% equity.
In the Amadeus basin, New Zealand Oil & Gas hold 12.5%
and 25% equity and Cue currently holds 7.5% equity in the
Mereenie field and 15% equity in each of the Dingo and Palm
Valley fields. The operator here is Central Petroleum.
Cue currently holds an equity position of 5%, 12.5% and
15% in the Maari, Mahato and Sampang assets respectively,
though Production Sharing Contract adjustments at the
Mahato and Sampang fields affect the net equity differently
across the various reserve categories.
For Sampang PSC Contingent Resources, as the
developments are not yet sanctioned, the economics and
royalties are not yet known, therefore an assumed net
14
effective equity is used of 15% for Paus Biru and 8.18% for
Jeruk.
Estimates are based on all available production data,
the results of well intervention campaigns, seismic
data, analytical and numerical analysis methods, sets of
deterministic reservoir simulation models provided by the
field operators (Beach Energy, OMV, Texcal, Medco and
Central Petroleum), and analytical and numerical analyses.
Forecasts are based on deterministic methods.
For the conversion to equivalent units, standard industry
factors have been used of 6Bcf to 1mmboe, 1Bcf to 1.05PJ, 1
tonne of LPG to 8.15 boe and 1TJ of gas to 163.4 boe.
Proven (1P) reserves are estimated quantities of oil and gas
which geological and engineering data demonstrate with
reasonable certainty (90% chance) to be recoverable in
future years from known reservoirs, under existing economic
and operating conditions. Probable (2P) reserves have a
50% chance or better of being technically and economically
producible.
Known accumulations are reserves or contingent resources
that have been discovered by drilling a well and testing,
sampling, or logging a significant quantity of recoverable
hydrocarbons.
Net reserves are net of equity portion, royalties, taxes and
fuel and flare (as applicable).
Developed reserves are expected to be recoverable from
existing wells and facilities. Undeveloped reserves will
be recovered through future investments (e.g. through
installation of compression, new wells into different but
known reservoirs, or infill wells that will increase recovery).
Total reserves are the sum of developed and undeveloped
reserves at a given level of certainty.
At all fields, economic modelling has been conducted to
determine the economically recoverable quantities. For the
conversion to equivalent units, standard industry factors
have been used of 6Bcf to 1mmboe, 1Bcf to 1.05PJ, 1 tonne
of LPG to 8.15 boe and 1TJ of gas to 163.4 boe.
The extraction methods are as follows; at Kupe gas is
produced to the processing plant and onwards sale to
domestic market, LPG is trucked from site to local markets,
New Zealand Oil & Gas Annual Report 2022 condensate is trucked from site and sold internationally,
for Maari oil is produced to the FPSO Raroa and directly
exported to international oil markets, at Mahato, it is via EPF
facilities which includes an oil and water separation system,
with the oil then piped 6km to the CPI operated Petapahan
Gathering Station, at Sampang, gas is gathered from the
Wortel and Oyong fields and piped to shore where it is sold
into the Grati power station, at the Mereenie and Palm Valley
gas fields gas is gathered from the wells and ultimately
collated into the Amadeus Gas Pipeline where sales vary to
different customers within the region and further afield and
at Dingo, gas is sold into Alice Springs and the Owen Springs
power plant.
Tables combining reserves have been done arithmetically
and some differences may be present due to rounding.
There have been no material changes in Contingent
Resource booking since the last reporting period.
15
New Zealand Oil & Gas Annual Report 2022 Where we’re active
Australia
Indonesia
Amadeus Basin, Northern Territory
East Java
Mereenie
Palm Valley
Alice Springs
Dingo
Mereenie OL4 & OL5 – NZO 17.5%, Cue Energy 7.5%*
Palm Valley OL3 – NZO 35%, Cue Energy 15%*
Dingo L7 - NZO 35%, Cue Energy 15%*
Madura Island
Wortel
Oyong
Jeruk
Sampang PSC
East Java
Sampang PSC – Cue Energy 15%*
Sumatra
Mahato PSC
Mahato – Cue Energy 12.5%*
16
New Zealand Oil & Gas Annual Report 2022 New Zealand
Taranaki
New Plymouth
Kupe
Maari
Kupe – New Zealand Oil & Gas 4%
Maari – Cue Energy Resources 5%*
* New Zealand Oil & Gas has a 50.04% interest in Cue.
Cue's full interest is shown.
Amadeus Basin
Oil Field
Gas Field
Permit
Gas Pipeline
Oil Pipeline
Railway
Road
NORTH EAST
GAS INTERCONNECTOR
PROPOSED WEST-EAST PIPELINE
Central Petroleum 50% (Operator)
New Zealand Oil & Gas 35%
Cue 15%
Alice Springs
MEREENIE
OL4 + OL5
PALM VALLEY
OL3
Macquarie Mereenie 50%
Central Petroleum 25% (Operator)
New Zealand Oil & Gas 17.5%
Cue 7.5%
18
DINGO
L7
0
50
100
km
New Zealand Oil & Gas Annual Report 2022 Amadeus Basin
Oil Field
Gas Field
Permit
Gas Pipeline
Oil Pipeline
Railway
Road
NORTH EAST
GAS INTERCONNECTOR
PROPOSED WEST-EAST PIPELINE
Alice Springs
DINGO
L7
Central Petroleum 50% (Operator)
New Zealand Oil & Gas 35%
Cue 15%
0
50
100
km
19
MEREENIE
OL4 + OL5
PALM VALLEY
OL3
New Zealand Oil & Gas Annual Report 2022 Activities in
our assets
AUSTRALIA
MEREENIE
During the year the Company entered into agreements
enabling sales of uncontracted gas from the Mereenie joint
venture into East Coast trading markets, which currently
offer premium gas pricing. The first East Coast spot
market sale was conducted on 3 May 2022 and spot sales
have since averaged a netback of A$34 per GJ, which is
significantly more than the average firm contracted sales
price. The Company anticipated that spot prices would likely
reduce after winter, and this has eventuated, however the
East Coast gas market remains tight.
At the time of this report, the Eastbound gas transport
on the NGP is currently suspended due to lower Blacktip
production.
Contingent multi-well recompletion programme and two
new development wells are being planned and may be
undertaken in the coming 12 months to increase near term
production from Mereenie to take advantage of the strong
prices being received for East Coast gas subject to JV
approval. Infill wells will target 8.2PJ of net 2P undeveloped
reserves.
Activity is underway to assess the Stairway formation.
DINGO
PALM VALLEY 12 WELL
Gas demand from Dingo was
strong through the year and the
field delivered reliably.
PACOOTA P1
PRODUCTION
LATERAL OPTION
1770m
m
P1
GAS
1500
PACOOTA P3
The Dingo-5 Deep exploration
well has been deferred as a
consequence of the Palm Valley
12 drilling programme changes
in May.
PACOOTA
SANDSTONE
2065.6m
P3
3553.2m
PALM VALLEY
DEEP GAS
TARGET
45°
T
E
G
R
A
T
N
O
I
T
A
R
O
L
P
X
E
*GAS SHOWS AT OFFSET WELLS
ARUMBERA
SANDSTONE *
20
DINGO DEEP
PRODUCTION
WELL
GAS
b era Intra -for m atio n al s e al
m
Aru
2963.4m
ARUMBERA
SANDSTONE
T
E
G
R
A
T
N
O
I
T
A
R
O
L
P
X
E
Top Depth
3410m
60°
Top Depth
3636m
GAS TARGET
8.5PJ (net to NZO incl
Cue) 2U Unrisked
Prospective
Resources
GAS TARGET
16PJ (net to NZO incl
Cue) 2U Unrisked
Prospective Resources
PIONEER
SANDSTONE *
Total Depth
3743m
*GAS SHOWS AT OFFSET WELLS
AREYONGA
FORMATION*
PALM VALLEY
PALM VALLEY 12 WELL
DINGO DEEP
m
P1
P3
GAS
1770m
1500
2065.6m
PACOOTA P3
PACOOTA P1
PACOOTA
SANDSTONE
PRODUCTION
LATERAL OPTION
The Palm Valley 12 (PV-12)
exploration well was spudded
on the 17th of April. (PV-12)
had two objectives, a deeper
gas exploration target in the
Arumbera Sandstone and a
shallower gas appraisal target
into the Pacoota 1 Sand.
Due to challenging drilling
conditions, the joint venture
decided to stop drilling
toward the deep exploration
target and instead agreed to
sidetrack a lateral wellbore,
from PV-12, to evaluate the lower Pacoota 2 / Pacoota 3
sandstone. Although indications of gas were encountered
while drilling the original vertical wellbore, the sidetrack did
not encounter significant fractures or gas and was therefore
plugged and abandoned. The Pacoota 1 sand appraisal well
was ongoing at the time of this report.
PALM VALLEY
DEEP GAS
TARGET
ARUMBERA
SANDSTONE *
T
E
G
R
A
T
N
O
I
T
A
R
O
L
P
X
E
*GAS SHOWS AT OFFSET WELLS
3553.2m
45°
PRODUCTION
WELL
GAS
b era Intra -for m atio n al s e al
m
Aru
2963.4m
ARUMBERA
SANDSTONE
T
E
G
R
A
T
N
O
I
T
A
R
O
L
P
X
E
Top Depth
3410m
60°
Top Depth
3636m
GAS TARGET
8.5PJ (net to NZO incl
Cue) 2U Unrisked
Prospective
Resources
GAS TARGET
16PJ (net to NZO incl
Cue) 2U Unrisked
Prospective Resources
PIONEER
SANDSTONE *
Total Depth
3743m
*GAS SHOWS AT OFFSET WELLS
AREYONGA
FORMATION*
Reservoir ZoneReservoir ZoneNew Zealand Oil & Gas Annual Report 2022
INDONESIA
MAHATO
NEW ZEALAND
KUPE
Mahato oil production well PB-18 in Indonesia entered
production at approximately 1,000 barrels of oil per day
from the Bekasap B and C sands, which are the main
producing reservoirs in the field.
PB-17 development well is producing approximately 800
barrels of oil a day after successful drilling and completion.
PB-17 is the 10th production well in the field. The
development includes 10 more production wells and two
injection wells, which are expected to be drilled at a rate of
approximately one per month over the current financial year.
Production from the PB field is expected to increase as wells
are drilled and put into production. Increased processing
and pipeline capacity is included in the FDO approval to
facilitate sales of any new oil production.
The Kupe field continues to produce at through field
capacity due to a strong demand for gas. Production
volumes at Kupe is in natural decline.
Kupe gas will be available to re-contract from 1st October
2023, with a replacement GSA to be contracted in a healthy
gas market.
Opportunities to increase field production continue to be
investigated.
Subsurface analysis, planning and regulatory activities
continued during the year for the drilling of the KS-9 infill/
development well targeting 1.8PJ of net 2P resources, to
reinstate plateau production. The joint venture is targeting
FID for the KS-9 infill / development well project in early
FY23 with the well online in FY24.
Existing oil processing and pipeline capacity is in place to
enable immediate sales of new oil production.
MAARI
SAMPANG
Front End Engineering and Design (FEED) studies and
reports were completed for the Paus Biru development.
The Paus Biru development is planned to consist of a single
well and wellhead platform at the Paus Biru gas field, with a
27 kilometre subsea pipeline connecting the well to existing
infrastructure at the Oyong field. Subject to final approvals,
gas production from Paus Biru is expected to commence by
2025 at a rate of 20-25 mmcfd.
Maari production continues to attract very strong prices due
to international conditions.
A workover was started in the MN1 well after the end of the
reporting period to replace an Electric Submersible Pump.
At the MR6a well, temporary de-sanding equipment was
installed and fully tested on the well to assess the oil
producibility after being shut-in during 2021 due to sand
production. The de-sanding equipment performed well
but did not result in hydrocarbons being produced and the
equipment was demobilised. The operator is preparing plans
to enter the well and plug off the damaged section to enable
oil production from part of the existing wellbore.
21
New Zealand Oil & Gas Annual Report 2022 22
New Zealand Oil & Gas Annual Report 2022SUSTAINABILTY Sustainability
and Community
The Company publishes
a separate sustainability
report. It also maintains a
sustainability section its
website at: https://www.
nzog.com/sustainability/
TCFD RISK DISCLOSURE
Taskforce on Climate-Related Financial Disclosure risks,
and the framework for managing climate risks, are
comprehensively reported in the Sustainability Report.
TCFD reporting is also maintained on our Company
website.
23
New Zealand Oil & Gas Annual Report 2022 Involved in our
community
24
EXPLORERS FROM NEW ZEALAND NEW ZEALAND OIL & GAS SINCE 1981New Zealand Oil & Gas Annual Report 2022SUSTAINABILTY Supporting diversity
in the community
Supporting world
class life science
We support life‑changing scientific
research, science education, tree
planting, and initiatives that help
vulnerable families with their energy
needs
Proudly Rainbow inclusive
New Zealand Oil & gas is proud to earn a Rainbow Tick and
be a leader in our industry in accepting and valuing people in
the workplace, embracing the diversity of sexual and gender
identities.
The Tick certification process tests whether a workplace
understands and welcomes sexual and gender diversity. The
process involves an on-going quality improvement process.
Rainbow refers to people who identify as lesbian, gay,
bisexual, transgender, takatāpui and intersex (LGBTTQIA+).
The Salk Institute for Biological Studies
New Zealand Oil & Gas financially supports the Salk Institute,
home to scientists who delve into research areas, from
aging, cancer and immunology to diabetes, brain science
and plant biology.
The Salk Institute's renowned and award-winning
scientists explore the very foundations of life, seeking new
understandings in neuroscience, genetics, immunology,
plant biology and more.
Be it cancer or Alzheimer's, aging or diabetes, Salk is where
cures begin.
Our support goes specifically to the Harnessing Plants
Initiative to mitigate climate change by developing crop and
wetland plants that will store more carbon, longer, to reduce
atmospheric CO2.
25
12New Zealand Oil & Gas Annual Report 2022 Supporting vulnerable families
with their energy needs
Dunedin Curtain Bank
Dunedin is notorious for cold homes that make children sick.
The cost of energy bills and insulation can create hardship
for vulnerable families.
New Zealand Oil & Gas proudly partners with Dunedin
Curtain Bank to up-cycle unwanted and unused curtains,
line them, and distribute them to needy families.
Curtains make a big difference to the warmth of a home. A
third of all heat loss in an uninsulated home occurs through
windows. Even double-glazed windows let out more heat
than uninsulated walls.
We purchased curtains for 140 needy households in
Dunedin. Our curtain purchases:
•
•
•
Saved around 8.4 tCO2 from being emitted.
Each household saved an average $170 a year.
Saved around $23,000 for the houses we help through
the Dunedin Curtain Bank.
26
3New Zealand Oil & Gas Annual Report 2022SUSTAINABILTY Supporting
science
education
Supporting
communities
where we work
EPro8 Challenge
New Zealand Oil & Gas supports EPro8 Challenge, an Inter-
School Science and Engineering Competition. Every year
over 22,000 students from throughout New Zealand take
part.
Students participate in a series of events: firstly within their
school and then inter-school. These events are designed to
promote science and engineering.
We want to make a contribution to the community where
our head office is located, so our support went to help
students from Wellington Central and Porirua.
Amadeus Basin
The joint venture in the Amadeus Basin assets works closely
with the community. It aims to provide employment and
business opportunities to local communities.
Over $4 million was spent with Northern Territory local
contractors and businesses in the reporting period.
In the Northern Territory, over half of the operator’s staff live
locally and a quarter are indigenous.
New Zealand Oil & Gas supports the operator’s open
engagement with the Traditional Owners of our Northern
Territory joint operations located on or near Indigenous
lands, providing employment and training opportunities.
The joint venture operator works closely with the Central
Land Council and Aboriginal Areas Protection Authority to
ensure operations do not disturb areas of cultural heritage
significance.
Otago Science Fair
Other joint ventures
Each year New Zealand Oil & gas sponsors a number
of awards at the Otago Science Fair to help students
understand more about earth, science, energy efficiency,
Mātuaranga Māori, Marine science and much more.
Through our joint ventures we also support community
engagement projects in respect of Kupe and Maari in New
Zealand and via Cue Energy Resources in Indonesia.
27
45New Zealand Oil & Gas Annual Report 2022 Climate Change and
carbon emissions
Climate risk management is reported in the risk management section of this report, below at pages 57-58.
4,559 TREES PLANTED
By supporting native tree planting, we’re reducing our carbon footprint and helping New Zealand grow strong in lots of other ways.
From helping our indigenous birds thrive to giving local economies a helping hand.
We’re working with Trees That Count to reduce our carbon footprint over the next 50 years, and help protect New Zealand’s
threatened biodiversity. That’s good for our carbon footprint, and good for Aotearoa.
This year we funded 545 native trees through Trees That Count, bringing our total to 4,559 trees planted.
OUR EMISSIONS
As New Zealand Oil & Gas does not operate production assets, its Scope 1 emissions mainly arise from head office and travel
activities.
Initiatives in head office seek to minimise the Company’s carbon footprint. Its head office emissions are offset by tree planting
through the Trees That Count initiative and its support for the Dunedin Curtain Bank.
Scope 1 Emissions
Total office emissions
Carbon absorbed through tree planting
Emissions saved through curtain bank
Travel emissions not offset
Sustainability measurable objectives
25 tCO2
1.52 tCO2
per year (accumulates each year for decades over the life of the tree)
8.4 tCO2
15.08 tCO2
Initiate office sustainability improvement opportunities and conduct
staff survey. Investigate a carbon emission audit and reduction plan.
28
New Zealand Oil & Gas Annual Report 2022SUSTAINABILTY Scope 2 Emissions
Emissions Intensity down 10.8%
While New Zealand Oil & Gas production increased nearly four-fold during the year, thanks to the acquisition of our producing
Amadeus basin assets in Australia’s Northern Territory, our emissions intensity (tonnes of CO2 emitted per terajoule of energy)
reduced by 10.8 per cent.
FY18
FY19
FY20
FY21
FY22
NZOG Emissions (tCO2e)
6,166
5,670
5,529
5,728
19,108*
TJs Sold
1,097.67
998.11
950.87
919.72
3,438.21
Intensity Factor (tCO2e per TJ)
5.62
5.68
5.81
6.23
5.56
*Note that Amadeus Basin assets' emissions and therefore also the intensity calculations are estimates based on production figures, actual emissions will be
advised when available.
6.3
6.075
5.85
5.625
5.4
5.175
2018
2019
2020
2021*
2022*
Intensity Factor (tCO2e per TJ)
29
New Zealand Oil & Gas Annual Report 2022
New Zealand Oil & Gas Limited (the Company) is a New
Zealand incorporated and domiciled limited liability company
registered under the New Zealand Companies Act 1993.
The Company is listed and its shares quoted on the official
list of the Australian Securities Exchange (ASX) and on the
Main Board equity security market operated by NZX Limited
(NZX) as a foreign exempt entity. On both exchanges the
Company’s code is “NZO”. From a regulatory perspective this
means that, while the ASX Listing Rules apply to the Company,
certain provisions of the Australian Corporations Act 2001
(Cth) do not. The Company is not subject to chapters 6, 6A,
6B, and 6C of the Australian Corporations Act 2001 (Cth)
dealing with the acquisition of shares (including substantial
holdings and takeovers). The Companies Act 1993 (NZ) applies
to the Company, as do certain provisions of the Financial
Markets Conduct Act 2013 (NZ) (including in relation to
financial reporting, but not including provisions relating to
substantial shareholdings). Key limitations on the acquisition
of shares in the Company are imposed by the following New
Zealand legislation: Commerce Act 1986, Overseas Investment
Act 2005, and Takeovers Act 1993, together with various
regulations and codes promulgated under such legislation.
This statement sets out the main corporate governance
practices adopted by the Company.
Corporate Governance Best Practice Codes
The Company reviews and assesses governance processes,
policies, and its compliance with corporate governance best
practice at least annually.
This includes assessing compliance with the ASX Listing
Rules, the ASX Corporate Governance Council’s Corporate
Governance Principles and Recommendations (4th Edition)
2019 (ASX Principles and Recommendations), and the NZX
Listing Rules and Corporate Governance Code 10 December
2020 (NZX code).
Under Listing Rule 4.10.3, ASX listed entities are required to
benchmark corporate governance practices against the ASX
Principles and Recommendations and, where they do not
conform, to disclose that fact and the reasons why.
This section of the report is structured to report performance
against the ASX Principles and Recommendations.
This Corporate Governance Statement is current to, and was
approved by the board on, 27 September 2022.
Corporate
Governance
30
New Zealand Oil & Gas Annual Report 2022
Board Composition & Performance
“ To ensure an effective board, there should be a balance of independence,
skills, knowledge, experience and perspectives.”
Samuel Kellner
Chairman
Dr Rosalind Archer
Independent Director
Dr Rosalind Archer joined the board of New Zealand Oil
& Gas in November 2014. Rosalind graduated with a BE
from University of Auckland. Rosalind holds a PhD in
Petroleum Engineering, and PhD minor in Geological and
Environmental Studies from Stanford University.
Rosalind is Head of the School of Engineering and Built
Environment at Griffith University in Queensland.
Rosalind is a former President of Engineering New
Zealand. She runs a consulting practice as a reservoir
engineer with clients locally and internationally. She
regularly speaks on reservoir engineering topics at
international conferences.
Samuel Kellner has held a variety of senior executive
positions with the Ofer Global Group since joining the
Group in 1980. He has been deeply involved in various Ofer
Global Group’s business lines, with a particular emphasis
on offshore oil and gas, shipping and real estate, and has
advised the Ofer Global Group companies on investments in
a variety of investment managers, hedge funds and private
equity funds. Most recently, Mr Kellner served as president
of Global Holdings Management Group (US) Inc where he
led North American real estate acquisition, development
and financing activities. Mr Kellner serves as a director of
O.G. Energy, O.G. Oil & Gas and Cue Energy Resources. He is
also an executive director of the main holding companies
for the Zodiac shipping group and Omni Offshore Terminals,
a leading provider of floating production, storage and
offloading (FSO and FPSO) solutions to the offshore oil and
gas industry.
As a member of the O.G. Energy Senior Management
Committee, he helps drive the strategy for the Ofer Global
Group’s energy activities. Mr Kellner graduated with a BA
degree from Hebrew University in Jerusalem. He has an MBA
from the University of Toronto, and taught at the University
of Toronto while working toward a PhD in Applied Economics.
Mr Kellner was appointed in December 2017. He is the
Chairman of the Board of Directors and a member of the
Nomination and Remuneration Committee.
31
New Zealand Oil & Gas Annual Report 2022 Marco Argentieri
Director
Alastair McGregor
Director
Marco Argentieri is Senior Vice President and General
Counsel for O.G. Energy, and a member of the Board of
Directors of both O.G. Energy and O.G. Oil & Gas.
As a member of the O.G. Energy Senior Management
Committee, he helps drive the strategy for the Ofer Global
Group’s energy activities. Mr Argentieri serves as the chief
legal counsel for the O.G. Energy Group, where he advises on
financing activities, acquisitions, and other commercial and
corporate matters.
Mr Argentieri has worked for the Ofer Global Group since
2006, where he previously served as chief legal counsel
responsible for Ofer Global Group finance activities, with
a particular focus on the Group’s offshore oil services and
shipping businesses.
Prior to joining Ofer Global, Mr Argentieri was an attorney at
the New York offices of Latham & Watkins LLP and Skadden,
Arps, Slate, Meagher & Flom LLP. He holds a B.A. from the
University of Rochester, a J.D. from New York University and
an MBA from Columbia University. Mr Argentieri joined the
board in July 2018.
Alastair McGregor has been actively involved in the oil & gas
sector since 2003. He is currently chief executive of O.G.
Energy, which holds the Ofer Global Group’s broader energy
interests, and O.G. Oil & Gas Limited, a company that holds
directly or indirectly oil & gas exploration and production
interests onshore and offshore. He leads the O.G. Energy
Senior Management Committee, driving the strategy for the
Ofer Global Group’s energy activities.
Mr McGregor is also the chair of Cue Energy Resources.
In addition, Mr McGregor is chief executive of Omni
Offshore Terminals Limited, a leading integrated provider
of floating production and storage and offloading (FPSO
& FSO) solutions to the offshore oil & gas industry. Omni’s
operations span the globe from New Zealand, Australia,
South East Asia, Middle East and South America.
Prior to entering the oil & gas industry Alastair spent 12
years as a banker with Citigroup and Salomon Smith Barney.
Alastair holds a BEng from Imperial College, London and an
MSc from Cranfield University in the UK. Mr McGregor joined
the board in October 2017.
Andrew Jefferies
Managing Director
Rod Ritchie
Independent Director
Andrew joined New Zealand Oil & Gas in 2013. He started
his career with Shell in Australia after graduating with a BE
Hons (Mechanical) from the University of Sydney in 1991, an
MBA in technology management from Deakin University in
Australia , and an MSc in petroleum engineering from Heriot
- Watt University in Scotland.
Andrew is also a graduate of the Australian Institute of
Company Directors (GAICD), and a Certified Petroleum
Engineer with the Society of Petroleum Engineers. He has
worked in oil and gas in Australia, Germany, the United
Kingdom, Thailand and Holland.
Rod Ritchie joined the board in 2013. He began his career as
a petroleum engineer with Schlumberger for 28 Years and
then joined OMV where he worked for a further 12 years.
Rod has over 40 years of global experience in leadership
roles and as a Health, Safety, Environmental and Security
(HSSE) executive in the Oil and Gas industry, including
being the corporate Senior Vice President of HSSE and
Sustainability at OMV based in Vienna, Austria.
He has also worked closely with the International
Association of Oil and Gas Producers (IOGP) to create
industry best practice standards for the oil and gas sector.
He is an active leadership and cultural change consultant,
and an author on the subject of safety leadership and
several Society of Petroleum Engineers papers on the
subject of HSSE and safety Leadership.
32
New Zealand Oil & Gas Annual Report 2022
Composition of the Board
The number of directors is specified in the constitution as a
minimum of three and up to a maximum of seven. With our
primary ASX listing, two directors must be ordinarily resident
in Australia. Dr Archer, and Mr Ritchie are ordinarily resident
in Australia. The NZ Companies Act requires one director to
live in New Zealand (or in an enforcement country and be a
director a company there e.g., Australia). Mr Jefferies lives in
New Zealand. It is intended that the Company’s constitution
is updated at the next Annual General Meeting in November
to reflect this.
The Company’s constitution requires directors to retire
at the third Annual Meeting since their last appointment,
or every three years (whichever is longer). If eligible, each
retiring director may offer themselves for re-election.
Directors holding office during
1 July 2021 to 30 June 2022.
Directors
Date elected
Year first
appointed
Dr Rosalind Archer
3 November 2021
2014
Marco Argentieri
3 November 2021
2018
Andrew Jefferies
3 November 2021
2017
Samuel Kellner
3 November 2021
2017
Alastair McGregor
5 November 2020
2017
Rod Ritchie
12 December 2019
2013
4
3
2
1
2
0
1
3
2
0
1
3
2
2
0
0
Y
Y
1
4
1
4
e
a
r
o
e
a
r
o
f
F
ir
s
t A
f
F
ir
s
t A
Board Gender Composition
1
5
1
5
6
5
4
3
2
1
p
p
oin
t
2
0
1
7
p
p
oin
t
2
0
1
7
m
e
nt
m
e
nt
2018
2018
2021
2022
Male
Female
33
New Zealand Oil & Gas Annual Report 2022 Directors Interests Policy
Directors’ Interests Register
Directors are required to recognise that the possibility
of conflict of interest exists, and are expected to declare
potential conflict of interest situations to the board and
manage conflicts of interest in accordance with the
Directors Interests Policy, the Code of Business Conduct and
Ethics, and the Company’s Constitution.
The Company maintains an interests register in compliance
with the Companies Act 1993, which records particulars of
certain transactions and matters involving directors.
The Directors’ Interests Policy is available in the corporate
governance section of the Company's website at:
www.nzog.com/dmsdocument/489
Directors' Securities Interests
The interests of Directors in securities of the Company at
30 June 2022 were:
Direct
Interest
Indirect Interest
Mr A Jefferies
50,000
1,298,528 share options
34
Directors' interests recorded in the Interests Register of the
Company as at 30 June 2022 are detailed below.
Notices given or adjusted during the financial year ended
30 June 2022 are marked with an asterisk (*).
Each such Director will be regarded as interested in all
transactions between the Company and the disclosed entity.
Mr S Kellner
O.G. Oil & Gas Ltd
Director
O.G. Energy Holdings Ltd
Director
Omni Holdings Ltd
Director
Cue Energy Resources Ltd
Director
Mr M Argentieri
O.G. Energy Holdings Ltd
Director
O.G. Oil & Gas Ltd
OGOG (Kohatukai) Ltd
OGOG (Otway)
Holdings Pty Ltd
OGOG (Otway) Pty Ltd
OGOG (1) Limited
OGOG (2) Limited
OGOG (K2) Inc.**
OGOG (GOM
Management) Inc.
OGOG (Management)
Limited
Director
Director
Director
Director
Director
Director
Vice-President/
Treasurer/
Secretary/
Director
Vice-President/
Treasurer/
Secretary/
Director
Director
OGOG (Warrior) Inc*
Director
Cue Energy Resources Ltd
Director
Dr R Archer
Engineering New Zealand
Immediate Past
President*
Capricorn Solutions Ltd
Director
Contact Energy
Infratil
NZ Windfarms
Griffith University
Shareholder*
Shareholder*
Shareholder*
Head of School
of Engineering
and Built
Environment*
New Zealand Oil & Gas Annual Report 2022 Mr A Jefferies
88 Energy Ltd
Shareholder
Mr A McGregor
Cue Energy Resources Ltd
Director
Carnarvon Petroleum Limited
Shareholder
Central Petroleum
CGX Energy
Shareholder
Shareholder*
Cue (Ashmore Cartier) Pty Ltd
Director
Cue Energy Resources Ltd
Director &
Shareholder
Cue Exploration Pty Ltd
Director
Cue Mahakam Hilir Pty Ltd
Director
Cue Mahato Pty Ltd
Cue Sampang Pty Ltd
Cue Taranaki Pty Ltd
Director
Director
Director
Energy Resources Aotearoa
Director
Global Energy Ventures
Shareholder*
Hartshead Resources
Shareholder*
Melbana Energy
Pancontinental Oil
Shareholder*
Shareholder
Tuatara Energy Limited
Director
Warrego
Shareholder
Mr R Ritchie
Cue Energy Resources Ltd
Director
SPARC NZ consulting
Director
Sparc (Aust) Pty Ltd
SacGasCo
Shareholder
Shareholder
Cue Kalimantan Pte Ltd
Omni Holdings Limited
Omni Offshore
Terminals Pte Ltd
Omni Offshore Terminals
(Operations) Pte Ltd
Omni Offshore Terminals
(Manora) Pte Ltd
Omni Offshore Terminals
(Nong Yao) Pte Ltd
Gading Megah Sdn Bhd
Omni Offshore
Terminals (Operations)
(Thailand) Co Ltd
Omni Offshore Terminals
(Brazil) B.V.
Omni Offshore Terminals
(Lay-Up) B.V.
Aurora FSO Ltd
Manora FSO Ltd
O.G. Oil & Gas
(Singapore) Pte Ltd
O.G. Oil & Gas Ltd
O.G. Energy Holdings Ltd
OGOG (Kohatukai) Ltd
OGOG (Otway) Pty Ltd
OGOG (Otway)
Holdings Pty Ltd
OGOG (1) Limited
OGOG (2) Limited
O.G. Oil & Gas
(Oceania) Pte. Ltd
OGOG (K2) Inc.**
OGOG (GOM
Management) Inc.
Director
Director
Director
Director
Director
Director
Director
Director
Director*
Director*
Director
Director
Director
Director
Director
Director
Director
Director
Director
Director
Director
President/
Director
President/
Director
OGOG (GOM NZ) Limited
Director
OGOG (GOM Management)
Limited
OGOG (Warrior) Inc.
President/
Director
Director
** Name change from previous declaration
35
New Zealand Oil & Gas Annual Report 2022 Management
Andrew Jefferies
Chief Executive
See biographical note above.
Daniel Leeman
General Manager Assets
and Engineering
Daniel was appointed General Manager Assets and
Engineering in 2021 after joining New Zealand Oil & Gas
in 2014. Daniel has over 13 years of experience within the
petroleum industry. He began his career at Talisman Energy
(UK) working within the Rotational Graduate Engineering
Programme where he specialised as a Drilling Engineer.
He later worked at Senergy (UK) as a Reservoir Engineer,
then Conoco Phillips (UK) where he was a Senior Reservoir
Engineer. Daniel is a Chartered Professional Engineer with
Engineering New Zealand and holds Master’s degrees
in Petroleum Engineering (from Heriot-Watt University)
and Mechanical Engineering with a Diploma in Business
Management (from the University of Aberdeen). Daniel
is also an active professional member of the Society of
Petroleum Engineers and the Royal Society of New Zealand.
Dr Chris McKeown
Vice President Business Development
Catherine McKelvey
Chief Financial Officer
Chris was previously Vice President Exploration and
Production, and before that General Manager,South East
Asia. He joined New Zealand Oil & Gas in 2012 following
a career which has included being CEO of a start-up oil
company, asset manager of a producing oil field, and
general manager of a gas exploration company. He has an
honours degree and PhD in Geology.
Catherine has worked in finance for over 30 years,
including 9 years in the energy sector, and 5 years as CFO.
Deeply experienced in corporate finance, and a Chartered
Management Accountant, she holds a BA in Economics.
36
New Zealand Oil & Gas Annual Report 2022
Paris Bree
General Counsel
Michael Wright
General Manager Commercial
Paris started as a lawyer with New Zealand Oil & Gas in 2010
after having been a solicitor in the Bell Gully Wellington and
Herbert Smith Freehills London litigation departments. Paris
has a law degree and an arts degree from Victoria University
of Wellington and is admitted to the High Court of New
Zealand as a Barrister and Solicitor. She is also a delegate of
the University of Dundee Centre for Energy after completing
the Petroleum and Mineral Law and Policy course on
Petroleum Agreements and a delegate of CWC’s Production
Sharing Contracts-Advanced Master Class.
Paris was awarded the Anthony Harper Young In-House
Lawyer of the Year at the 2019 New Zealand Law Awards.
She was named as an In-house Leader by NZ Lawyer
magazine in 2020 and 2022 and NZ Lawyer Elite Women
2021.
Paris was appointed General Counsel in 2017.
Michael Wright joined New Zealand Oil & Gas in 2012 having
worked in the energy sector for over 30 years. Michael
started his career working on gas distribution networks
before spending 11 years planning and developing power
stations. In 2003 Michael joined OMV and subsequently
joined Vector to manage the implementation of pipeline
open access. Michael has also worked as a consultant
advising companies in various parts of the energy sector.
Michael has a Master’s degree in Mechanical Engineering
from Cranfield University, UK.
The interests of the current Company Officers (excluding the Chief Executive) in securities of the Company
at 30 June 2022 were:
Officers
Interests in NZOG Securities
Direct
Indirect
Ms C McKelvey
10,214 directly held ordinary shares
Ms P Bree
Mr M Wright
Dr C McKeown
Mr D Leeman
519,980 Options to acquire ordinary
shares in accordance with Scheme Rules
487,394 Options to acquire ordinary
shares in accordance with Scheme Rules
673,207 Options to acquire ordinary
shares in accordance with Scheme Rules
834,768 Options to acquire ordinary
shares in accordance with Scheme Rules
510,244 Options to acquire ordinary
shares in accordance with Scheme Rules
-
-
-
-
-
37
New Zealand Oil & Gas Annual Report 2022 PRINCIPLE 1
Lay solid foundations for
management and oversight
A listed entity should clearly delineate the respective roles and responsibilities
of its board and management and regularly review their performance.
Role of the Board
Responsibilities of the Board
The board is responsible for the overall corporate
governance of the Company including strategic direction,
determination of policy, and the approval of significant
contracts, capital and operating costs, financial
arrangements and investments.
In addition to statutory and constitutional requirements, the
board has a formal charter that sets out its functions and
structure.
The Board Charter is available in the corporate governance
section of the Company's website at
www.nzog.com/dmsdocument/371
38
The board operates under a written charter which sets out
the roles and responsibilities of the board. The board charter
clearly distinguishes and discloses the respective roles and
responsibilities of the board and management.
The procedure for nomination and appointment of directors
to the board is set out in the Charter.
The board is accountable for the performance of the
Company. The specific responsibilities of the board include:
•
•
•
•
•
•
•
•
•
•
•
•
•
Approving corporate strategy and performance
objectives;
Establishing policies appropriate for the Company;
Oversight of the Company, including its control and
accountability systems;
Approving major investments and monitoring the return
of those investments;
The overall risk management and control framework
for the Company and ensuring appropriate risk
management systems are established and applied;
Appointing, removing and evaluating the performance
of the chief executive;
Reviewing the performance of senior management;
Appointing and removing the company secretary;
Setting broad remuneration policy;
Reviewing implementation of strategy and ensuring
appropriate resources are available;
Nominating and appointing new directors to the board;
Evaluating the performance of the board, committees
of the board, and individual directors;
Reviewing and ratifying systems of risk management,
internal compliance and control, codes of conduct, and
legal compliance;
New Zealand Oil & Gas Annual Report 2022 •
•
•
•
•
Approving and monitoring the progress of any
major capital expenditure, capital management and
acquisitions and divestitures;
Reviewing and ratifying HSSE Sustainability and
Operational Risk policies, the HSSE Sustainability and
Operational Risk Management System and monitoring
its implementation and performance;
Approving and monitoring financial and other reporting;
Ensuring that the Company provides continuous
disclosure of information such that shareholders
and the investment community have available
all information to enable them to make informed
assessments of the Company’s prospects;
Overall corporate governance of the consolidated entity;
determining the key messages that the Company
wishes to convey to the market from time to time; and
• Monitoring information commitments and continuous
disclosure obligations.
A copy of the charter is available in the corporate governance
section of the Company’s website at
www.nzog.com/dmsdocument/371
Board Proceedings
The board meets on a formal scheduled basis four times
per year, and holds other meetings as required. Owing to
pandemic travel restrictions, the board has met six times by
video conference call.
The Commercial Committee and the Company Secretary
establish the agenda for each board meeting.
The Chief Executive keeps the board informed of material or
potentially material matters between meetings and provides
a weekly update to the board on all relevant matters.
A report is prepared for each meeting, which includes:
•
•
•
•
•
•
•
Updates on assets
Updates on exploration and production activities and
financial management;
Summaries of new business opportunities;
An update on human resources and facilities;
An investor relations report;
Updates on stakeholder engagement, media and
sustainability; and
Other reports as relevant.
Key strategic issues and opportunities are also presented to
the board by management as part of each meeting.
To ensure that independent judgement is achieved and
maintained, the board has adopted a number of processes
in respect of its decision making. These include:
•
Any director may, with the prior consent of the chair
of the Audit Committee (or in the case of the Audit
Committee chair’s absence, the prior consent of the
chair of the board), obtain independent advice at the
Company’s expense where the director considers it
necessary to carry out their duties and responsibilities
as a director. Such consent shall not be withheld
unreasonably; and
39
New Zealand Oil & Gas Annual Report 2022 Delegated Authorities Manual
The board has established formal limits of authority to
provide clarity to the chief executive and management so
that they are in a position to carry out the business of the
Company efficiently and effectively within the parameters of
proper corporate governance.
The Delegated Authorities Manual sets limits to financial
commitments and other decision-making, and is monitored
by the board through the audit function.
ORS
Committee
C
o
A
m
u
C
h
i
e
f
E
x
e
c
u
t
i
v
e
M
a
n
a
g
e
m
e
n
t
a
n
d
S
t
a
ff
m
d
i
S
h
a
r
e
h
o
d
e
r
s
l
i
t
t
t
e
e
B
o
a
r
d
N
o
C
o
m
R
e
m
min
u
mittee
n
eration
ation &
C
ommit
omme
tee
rcial
C
•
Directors must comply with the Directors’ Interests
Policy. It addresses disclosable interests, conflicts
of interest, director information obligations, board
review and determination obligations, and the rules for
participation in board deliberations in the event of a
conflict of interest.
On appointment, each director has also acknowledged their
individual disclosure obligations.
Delegation to Management
While the board has overall and final responsibility for the
business of the Company, it has delegated substantial
responsibility for the conduct and administration of the
Company’s business and policy implementation to the
chief executive and his management team. Board approved
policies and procedures are in place to set parameters for
the delegated responsibilities, including:
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Health and Safety Policy;
Environment Policy;
Climate Change Policy;
Community Engagement Policy;
Capturing Local Economic Benefit Policy;
Code of Business Conduct and Ethics;
Communications, Market Disclosure and Social Media
Policy;
Securities Trading Policies for Directors, Employees and
Dedicated Contractors;
Directors’ Interests Policy;
Protected Disclosure (Whistleblower) Policy;
Diversity Policy;
Delegated Authorities Manual;
Remuneration and Performance Appraisal Policy;
Treasury Policy;
Email and Internet Use Policy;
Anti-Harassment Policy;
Drugs and Alcohol Policy;
Paid Parental Leave Policy; and
• Workplace Flexibility Policy.
These policies are reviewed regularly. The board may
establish other policies and practices to ensure it fulfils its
functions.
40
New Zealand Oil & Gas Annual Report 2022
The board as a whole, supported by the Nomination and
Remuneration Committee, undertakes the process of
recommending directors for appointment, having reviewed
the qualifications of candidates, the skills required by the
board, and how the required skills are best represented.
The board provides clear recommendations and relevant
information in the Notice of Meeting at which candidate
directors are put forward. Biographical information is
presented in the Notice of Meeting, and further information
about directors is presented on the company’s website.
Where possible, the process of vetting prospective directors
includes background checks into character, education,
criminal record, and bankruptcy. The Nomination and
Remuneration Committee also undertakes other vetting
procedures that it deems appropriate in the circumstances.
As the board has not recommended any new candidate
since 2018, these checks have not been performed in the
past year. Background checks have not been undertaken
where directors are nominated by the major shareholder
of the Company, reflecting the reality of the ownership
structure of the Company.
When alternative candidates have been nominated,
the Board has considered the skillsets on offer and its
requirements, and made a recommendation.
Upon appointment to the Company’s board, directors are
advised of salient requirements and policies. Obligations
such as disclosure of interests, managing conflicts, and
share trading are managed through policies.
When the Company converted its listing to being primary
listed on the ASX, each director entered into individual
written agreements with the Company consistent with ASX
listing rule 3.19B. The Company enters into an employment
agreement with the managing director, the material terms
of which are disclosed below, and the senior executives.
The Company Secretary is Paris Bree, who is also the
company’s General Counsel. She is appointed by the board
and accountable directly to the board.
The company was not in the S&P/ASX 300 Index at the
commencement of the reporting period, and is not a
“relevant employer” under the Workplace Gender Equality
Act.
Diversity Policy
Through its Diversity Policy the Company is committed to an
inclusive workplace that embraces diversity.
The Company is proud of receiving a Rainbow Tick, as the
only New Zealand E&P company to have done so. Rainbow
Tick is a certification mark for organisations that complete
an LGBTQIA+ diversity & inclusion assessment process.
The Company values, respects and leverages the unique
contributions of people with diverse backgrounds,
experiences and perspectives.
Diversity is about commitment to equality and treating all
individuals with respect, and includes, but is not limited to,
gender, age, disability, ethnicity, marital or family status,
religion, sexual orientation, gender identity or expression,
and cultural background.
The board monitors the scope and currency of the Diversity
Policy.
The policy provides that the Company will recruit from a
diverse pool of candidates, who will be considered with no
conscious or unconscious bias that might discriminate
against certain candidates. It takes into account the
domestic responsibilities of employees and adopts flexible
work practices.
The Company supports the determination of self-identity
by all employees including using the titles, names and
pronouns of their choice, and seeking advice from external
organisations to appropriately support staff.
The board establishes measurable objectives for achieving
gender diversity. The board may establish measurable
objectives for other aspects of diversity, and will assess
annually both the set objectives and the progress in
achieving them.
The Nomination and Remuneration Committee makes
an annual assessment of success in achieving and
implementing the policy and the set objectives, then reports
to the board with recommendations.
More about our diversity is at
www.nzog.com/sustainability/
community/our-diversity/
41
New Zealand Oil & Gas Annual Report 2022 MEASURABLE OBJECTIVES FOR 2021-22
•
•
•
Promote ongoing engagement with diversity initiatives, policies and guidelines to ensure they are continuing to evolve as
needed.
Provide talent management support for diverse and emerging leaders.
Retain Rainbow Tick.
Compliance with the Diversity Policy
With respect to the provision of the diversity policy, the board has determined that the Company has complied with the policy.
Objective
Promote ongoing engagement with diversity
initiatives, policies and guidelines to ensure
they are continuing to evolve as needed
Status
Achieved
Providing talent management support
for diverse and emerging leaders.
Completed and
ongoing
Progress
We have set up the Te Ata initiative, which provides for supporting
and nurturing the wellbeing of the whole team including coaching
opportunities, training/upskilling opportunities, resilience training,
“conversations that matter” training, and a monthly bookclub. Vitae
awarded the Company a wellbeing award in respect of Te Ata.
The CEO has undertaken to have lunch with every staff member to
ensure they are receiving appropriate opportunities for development
and understand how they feel the organisation is performing.
Policies have been reviewed to ensure they are not impacting our
ability to maintain a diverse workplace.
We have a flexible working guideline which compliments the family
friendly policies and diversity policy (on our website). Candidates
have commented positively on these initiatives when we have
recruited.
The Diversity Committee maintains a cultural calendar which
celebrates cultural events that have meaning to our people and we
have tied these into all staff gatherings and events.
Company is a participant in Diversity Works and staff have had the
opportunity to participate in workshops, webinars and networking
opportunities. This will continue in 2022-23.
Job descriptions for the leaders in the company have been reviewed,
and a job sizing activity is being run to determine the benchmarks
with a view to ensuring roles are appropriately resourced and
remuneration is equitable.
Retain Rainbow Tick
Achieved
Review for re-accreditation is required and
the Company was re-accredited.
42
New Zealand Oil & Gas Annual Report 2022 MEASURABLE OBJECTIVES FOR 2022-23
•
•
•
•
Promote ongoing engagement with diversity initiatives, policies and guidelines to ensure they are evolving appropriately.
Providing talent management support for diverse and emerging leaders.
During any relevant board selection process, the Nomination and Remuneration Committee must ensure at least one credible
and suitably experienced female candidate is provided for consideration.
Retain Rainbow Tick.
Diversity Performance 2021-22
The following charts show gender diversity across the Company (excluding contractors) as at 30 June 2022, and compares that to numbers as at 30 June 2021.
2 022
2 021
2 022
2 021
1
1
Board
5
5
2
2
Senior
Executives
3
4
2 022
2 021
6
7
5
7
Other
Employees
Female
Male
Gender Diverse
The Diversity Policy is available in the corporate governance section
of the Company's website at
www.nzog.com/dmsdocument/490
43
New Zealand Oil & Gas Annual Report 2022 The board charter states: The board shall undertake regular
reviews of the operations and performance of the board,
its committees and individual directors. Where appropriate,
the board may engage external consultants to conduct this
review.
In addition to compliance with each committee’s individual
charter, the review shall consider:
•
•
The skills required by the board, including processes to
satisfy any skill-gaps;
How the required skills are best represented on the
board; and
The process for identifying suitable candidates, for
appointment to the board.
Reviews are undertaken by way of a questionnaire submitted
to directors. Responses are collated and reviewed by the
chair of the Nominations and Remuneration Committee or
delegated representative. The chair of the Nominations and
Remuneration Committee (or delegated representative)
then undertakes an overall review on the outcomes and
produces a written report which is reviewed by the full
board. Individual director performance is addressed by
one-on-one review with the chair of the Nominations and
Remuneration Committee (or delegated representative).
For the financial year, the Nominations and Remuneration
Committee agreed that the above process that was followed
for the prior year was applicable for this year as the board
composition was unaltered.
Each year the senior executives have formal performance
reviews with the Chief Executive in July. Individual
performance is assessed in respect of the Company’s
values, HSE performance and personal objectives set at
the outset of the financial year, categorised into Growth,
Realisation and Improve. The Chief Executive reports
on the senior executive performance to the Nomination
and Remuneration Committee annually in August. A
performance evaluation as described above was undertaken
this year.
Short Term Incentive
Officers of the Company may receive payments under a
short term incentive scheme.
40% of the STI is based on company performance, 30%
is Board discretion and 30% on personal performance. Of
which, 45% is on Company values determined by behaviours,
10% on HSE performance and 45% on the personal
performance criteria agreed at the start of the financial year
between the Chief Executive and their direct reports.
In 2021-22 the company factors affecting short term
incentive payments were:
Acquisitions
Group Strategy
Funding gap
Overheads
Board approval to make
binding offer on two
opportunities, execution of one
sales and purchase agreement,
completion of two deals.
Execute Board agreed
group strategy.
Develop and execute
funding strategy to
close cash flow gap.
Not exceeding budgeted
overheads. Emphasis on
achievement of meaningful
cost reduction initiatives.
Reserves replacement
2P reserves replacement.
HSSE
Corporate discretion
Sustainability targets met,
influence of process safety
with operating JV partners,
HSSE review of CTP operations.
Awarded on overall company
performance, share price
performance and oil and
gas market conditions
In the reporting period the Company has determined that
the overall business performance outcome was 75%.
Further detail is reported below, under Principle 8, from
page 59.
44
New Zealand Oil & Gas Annual Report 2022
PRINCIPLE 2
Structure the board
to be effective
and add value
The board of a listed entity should be of
an appropriate size and collectively have
the skills, commitment and knowledge
of the entity and the industry in which
it operates, to enable it to discharge its
duties effectively and to add value.
Nomination and Remuneration Committee
Committee composition
The Company has a Nomination and Remuneration
Committee comprising Dr Rosalind Archer (Chair), Marco
Argentieri, Samuel Kellner, Alastair McGregor and Rod
Ritchie. The Committee met three times during the year.
All members attended three meetings except the Chair who
missed one of the three.
The Nomination and Remuneration Committee is
responsible to the board for:
•
•
•
•
•
•
•
•
Providing recommendations to the board in relation to
the director selection and appointment practices of the
Company;
Evaluation and remuneration of directors and board
succession;
Chief Executive remuneration, appointment,
performance criteria and review;
Reviewing and providing recommendations to the board
in relation to:
Senior executive and key staff succession plans;
The Company’s remuneration, recruitment, retention
and termination policies and procedures for all
employees;
Implementing the Company’s Diversity Policy and
achieving any associated measurable objectives; and
Other relevant matters identified from time to time by
the board.
The Committee charter requires that it comprises at least
three non-executive directors of the board. The chair, Dr
Archer, is independent.
Principle 2.1 recommends that a majority of the nomination
committee should be independent directors. A majority of
the board is not independent and the composition of the
committee also reflects this.
Read the Committee's Charter here
www.nzog.com/dmsdocument/373
45
New Zealand Oil & Gas Annual Report 2022 Board skills
Board skills are set out in the accompanying chart. Board
members’ experience and knowledge are set out in the
biographical information in this section.
The board has a balance of independence, skills, knowledge,
experience and perspectives.
The board has determined that as at 30 June 2022, Dr
R Archer and Mr R Ritchie are independent directors as
they do not fall into any of the categories specified in the
ASX Principles and Recommendations as being examples
of interests, positions and relationships that might raise
issues about the independence of a director.
Mr Kellner, Mr Argentieri, and Mr McGregor are not
independent because of their association with O.G. Oil & Gas
Limited, which is a substantial shareholder in New Zealand
Oil & Gas Ltd.
Mr Jefferies is not independent because he is the managing
director of New Zealand Oil & Gas.
Two out of six directors are independent.
In considering the appropriate board composition,
account will be given to whether or not the company has
a shareholder that owns a majority of the shares in the
company. The board composition is a consequence of the
Company’s ownership structure.
Committee
The chair is not independent, reflecting the ownership
structure of the Company. The chair and CEO are not the
same person.
ORS
Upon appointment to the Company’s board, directors are
advised of salient requirements.
A
o
C
u
i
d
m
m
The board undertakes regular reviews of its operations
and the performance of individual directors. The review
considers the skill-sets required by the board, how the
required skills are best represented, and the process for
identifying suitable candidates for appointment to the
board.
E
x
e
c
u
t
i
v
e
The board considers its composition brings together skill-
sets that are highly valued in the industry.
N
o
C
h
e
f
e
e
i
i
t
t
t
R
e
m
min
u
n
eration
ation &
Directors have received training in health and safety
governance. Independent directors received detailed advice
C
and training about their responsibilities during previous
ommit
omme
takeover offers and a scheme of arrangement.
C
Further training about how to best perform their duties as
directors was not required during the reporting period as
the Company has robust policies around director duties and
the board’s skills are appropriate.
tee
rcial
M
a
n
a
g
e
m
e
n
t
a
n
d
S
t
a
ff
6
5
4
3
2
1
Number of Directors with Specific Skillset
Oil & Gas
Finance & Economics
Engineering
& Operations
Exploration
M&A
Legal
46
HSSE
Executive Management
New Zealand Oil & Gas Annual Report 2022
PRINCIPLE 3
Instill a culture of acting lawfully, ethically
and responsibly
A listed entity should instill and continually reinforce a culture across
the organisation of acting lawfully, ethically and responsibly.
New Zealand Oil & Gas Limited practices the highest
standards of corporate governance and aspires to
continuous improvement in its governance performance.
The board has adopted the following overarching
governance objectives:
•
•
•
Lay solid foundations for management and oversight.
Achieve high standards of transparency and ethical and
responsible decision-making.
Structure itself to add value.
and regulations governing the Company’s operations,
business environment, and employment practices;
Not knowingly participate in illegal or unethical activity;
Actively promote compliance with laws, rules,
regulations, and the Company’s Code of Business
Conduct and Ethics; and
Not do anything that would be likely to negatively affect
the Company’s reputation.
•
•
•
• Make timely and balanced disclosure.
The Code addresses in detail issues such as:
•
•
•
•
•
Respect the rights of its shareholders.
Safeguard integrity in its financial reporting.
Recognise and manage risks.
Encourage enhanced performance.
Promote a corporate culture that upholds agreed
Company values.
The Company’s values are disclosed in the graphic on
page 6.
Code of Business Conduct and Ethics
The Company’s Code of Business Conduct and Ethics sets
out values and ethics expected of the Company’s directors,
management, employees and contractors.
The Company strives to create a strong culture of honesty,
integrity, loyalty, fairness, forthrightness and ethical
behaviour.
Company representatives are required to:
•
Act with high standards of honesty, integrity, fairness,
and equity in all aspects of their involvement with the
Company;
•
Comply fully with the content and spirit of all laws
•
•
•
•
•
•
•
•
•
•
Conflicts of interest and corporate opportunities;
Protection and proper use of Company assets;
Confidential and proprietary information;
Intellectual property;
Competition and fair dealing;
Business entertainment and gifts;
Anti-bribery and corruption;
Cash koha;
Insider trading or tipping: and
Reporting Code violations.
The Code requires the board to be informed of any material
breaches.
The Code of Business Conduct and Ethics is available in the
corporate governance section of the Company's website at
www.nzog.com/dmsdocument/487
47
New Zealand Oil & Gas Annual Report 2022 The Company’s anti-bribery and corruption policies are
included as specific items within the Code of Business
Conduct and Ethics.
The Company has a Protected Disclosures (Whistleblower)
Policy that provides a procedure for employees and
contractors to raise concerns or make disclosures about
what they observe happening at work.
The purpose is to facilitate disclosure and investigation
of serious wrongdoing. It provides a mechanism for
concerns being raised and dealt with at an early stage and
in an appropriate manner. The person making the report
is protected from any adverse consequences where the
concern is raised in good faith. The board is to be informed
of any material incidents reported under this policy.
The protected Disclosures (Whistleblower) Policy is available in the
corporate governance section of the Company's website at
The Code of Business Conduct and Ethics is available in the
corporate governance section of the Company's website at
www.nzog.com/dmsdocument/495
www.nzog.com/dmsdocument/487
48
New Zealand Oil & Gas Annual Report 2022 PRINCIPLE 4
Safeguard the integrity
of corporate reports
A listed entity should have appropriate processes to verify the integrity of its corporate reports.
Audit Committee
What the Committee does
Alastair McGregor, Dr Rosalind Archer and Rod Ritchie
comprise the Audit Committee. As Dr Archer and Mr
Ritchie are independent, a majority of members of the
audit committee are independent and none are executive
directors.
The chair of the audit committee, Mr McGregor, is not the
chair of the board. Mr McGregor is not an independent
director, which reflects the composition of the Board.
The skills and qualifications of the committee members
are set out in the biography page (see pages 31-32). Mr
McGregor has a financial background. Dr Archer and Mr
Ritchie have gathered considerable experience about the
company’s financial affairs through their service on the
Board and on the Audit Committee.
The Committee met twice during the year by video
conference, and all members attended both meetings.
The chair of the board, directors, the chief executive and
other staff may be invited by the Audit Committee to attend
meetings of the Committee.
The Audit Committee can meet with the external auditors
and senior management in separate sessions. An annual
process considers engagement of auditors, having regard
to the auditors’ independence and policies for rotation of
partners.
The Company does not have an internal audit function, as
the scale and complexity of the business and the nature of
its financial management does not currently require it.
The Audit Committee, together with the Chief Executive, is
responsible to the board for overseeing the financial and
internal controls, financial reporting and audit practices of
the Company.
The chair of the Audit Committee also oversees and
authorises any trading in securities by directors, employees
or contractors.
Restrictions on trading are outlined in the Securities Trading
Policy and Guidelines for Directors, and in the Securities
Trading Policy and Guidelines for Employees and Dedicated
Contractors.
In practice the Committee considers:
•
Corporate reporting and internal controls,
• Whether financial statements reflect their
understanding of the financial position and
performance of the Company and otherwise provide a
true and fair view,
The appropriateness of the accounting judgements and
choices exercised by management in preparing the
financial statements,
The appointment of the external auditor and rotation of
the audit engagement partner;
The fees payable to the auditor for audit and non-audit
work,
The scope and adequacy of the external audit,
And the independence and performance of the external
auditor.
•
•
•
•
•
The Audit Committee Charter is available here
www.nzog.com/dmsdocument/372
49
New Zealand Oil & Gas Annual Report 2022 The Chief Executive and CFO provide the Board with a letter
affirming that, in their opinion, the financial records have
been properly maintained, that the financial statements
comply with the appropriate accounting standards and give
a true and fair view of the Company’s financial position and
performance, and that they form their opinion on the basis
of appropriate and effective controls.
Senior management review quarterly activity reports, cash
flow reports and other formal reports to verify and confirm
content. The Managing Director, CFO and General Counsel
approve the reports prior to being circulated to the full
Board for approval ahead of public release.
50
New Zealand Oil & Gas Annual Report 2022
PRINCIPLE 5
Make timely and balanced disclosure
A listed entity should make timely and balanced disclosure of all
matters concerning it that a reasonable person would expect to
have a material effect on the price or value of its securities.
Listing Rule 3.1 requires a listed entity, subject to certain
exceptions, to disclose to ASX immediately any information
concerning it that a reasonable person would expect to have
a material effect on the price or value of its securities.
Continuous Disclosure
New Zealand Oil & Gas is committed to meeting the
continuous disclosure obligations required by the Listing
Rules.
The company promptly and without delay releases to the
markets information that a reasonable person would expect
to have a material effect on the price of its securities.
The only exceptions to this disclosure principle are those
permitted under the Listing Rules.
The board is responsible for monitoring commitments and
continuous disclosure obligations and initiating action as
warranted to ensure reporting is fair and reasonable.
The Company has a Communications, Market Disclosure and
Social Media Policy. Its purpose is to:
Non-financial reporting
The Company publishes a Sustainability Report.
Sustainability reporting includes material exposure to
environmental, economic and social sustainability risks
and other key risks. It explains how the Company manages
those risks and how operational or non-financial targets are
measured.
Components of sustainability reported include:
•
•
•
•
•
•
•
A summary of the Company’s values;
The Company’s sustainability and corporate
responsibility strategy;
A summary of the Company’s approach to stakeholder
engagement,
Summary of the Company’s contribution to local
communities;
A materiality matrix;
Relationship between business strategy and the UN’s
Sustainable Development Goals; and
The Board receives advance copies of all material
announcements.
•
•
•
Reinforce the Company’s commitment to the
continuous disclosure obligations imposed by law and
stock exchange rules,
New presentations are released to both market platforms,
ASX and NZX ahead of the presentation, and promptly
posted to the Company website.
Describe the processes to ensure compliance,
Outline the Company’s general communications
approach aimed at ensuring timely and accurate
information is provided to shareholders, market
participants and market observers, and
•
Provide ground rules for the use of social media.
The Communications, Market and Social Media Disclosure Policy
is available in the corporate governance section of the Company's
website at
Sustainability is reported at
www.nzog.com/dmsdocument/488
www.nzog.com/sustainability
51
New Zealand Oil & Gas Annual Report 2022 PRINCIPLE 6
Respect the rights of security holders
A listed entity should provide its security holders with appropriate information and
facilities to allow them to exercise their rights as security holders effectively.
Shareholder participation
Website
The Company encourages shareholder participation at
the annual meeting by inviting questions in advance and
discussion from the floor. Meeting agendas and supporting
documents such as presentations are posted on the
Company’s website.
Since 2020, annual and special meetings have been held
online as well as in person (or only online where pandemic
restrictions required) so that all shareholders can
participate.
The Notice of Annual Meeting of Shareholders is posted
when it is available and at least 20 working days prior to the
meeting.
Shareholders can directly message the Company at any
time through the website and management aims to respond
promptly.
The Company makes available key staff and directors to
answer questions about major initiatives.
The chief executive actively contacts shareholders who seek
to engage.
Shareholders have the right to vote on major decisions that
change the nature of the company’s activities. All shares
participate equally with other shares on the basis of one
share, one vote. There are no special voting rights attached
to any stock.
Voting is conducted by poll, not by show of hands, as
recommended by shareholders’ associations.
The Company maintains a website, nzog.com, where
comprehensive information is presented about its activities,
governance and financial performance.
Shareholders and interested parties can subscribe via
the website to receive notice of the Company’s market
announcements by email.
The dedicated investor relations section of the website
makes available share price information, detail about
shareholdings, statutory reports, corporate governance
information, and market updates about the Company’s
activities.
The corporate governance landing page presents all relevant
corporate governance documents, including policies,
charters, and the constitution.
The Investors section provides links to
•
•
•
•
News, market announcements, and investor briefings;
Periodic reports, including annual and quarterly reports;
Information about annual and special meetings,
including notices of meeting, voting cards, CEO and
Chair’s addresses, results and webcasts;
Shareholder information including the distribution of
listed holdings, information about past dividends and a
share price graph.
The corporate governance landing page is at
www.nzog.com/corporate-governance/
Investor information is available at
www.nzog.com/investor-information/
52
New Zealand Oil & Gas Annual Report 2022 The most recent reports are typically linked from the most
prominent panel to the front page of the website.
All shareholders can receive all communications from New
Zealand Oil & Gas and from the registry in electronic form.
The website also provides the names, photographs and
brief biographical information for each directors and senior
executive; a statement of values;
The Company communicates openly with investors with
the aim of growing understanding about the business, its
activities and plans, governance, financial performance and
prospects.
It makes directors and management available at annual
meetings and provides and opportunity for conversation
about the Company. Investor queries to the Company
by phone and email are answered promptly by senior
managers. For major Company events, management and
directors reach out to larger minority holders to discuss
issues and concerns.
The Company encourages participation in annual meetings.
It holds meetings online as well as in person and provides
extensive opportunities before and during meetings for
questions, discussion and engagement. Questions may
be submitted in advance by shareholders not present and
answers are made available on the webcast recording on
the website. Shareholders have continued vigorously to avail
these opportunities.
The Company accepts the principle of one share-one vote
in the listing rules and agrees that a show of hands is
inconsistent with this principle. The Company holds ballots
with scrutineers present on all votes at all meetings.
The Company intends to shift the registry management
to Computershare Australia (from New Zealand) after the
Company’s Annual General Meeting in early November.
Contact Computershare to make arrangements:
Australia
Computershare Investor Services Pty Ltd
GPO Box 3329
Melbourne, VIC 8060
Australia
Freephone:
1 800 501 366 (within Australia)
Telephone:
+61 3 9415 4083
Facsimile:
+61 3 9473 2500
Email:
enquiry@computershare.co.nz
New Zealand
Computershare Investor Services Ltd
Level 2, 159 Hurstmere Road
Takapuna
Private Bag 92119
Auckland, New Zealand
Telephone:
+64 9 488 8777
Freephone:
0800 467 335
Facsimile:
+64 9 488 8787
Email:
enquiry@computershare.co.nz
www.investorcentre.com
53
New Zealand Oil & Gas Annual Report 2022
PRINCIPLE 7
Recognise and manage risk
A listed entity should establish a sound risk management framework
and periodically review the effectiveness of that framework.
The board allocates oversight of risk management in
relation to health, safety and environment and company
operations to the Operational Risk and Sustainability
Committee and oversight in relation to accounting
standards and principles, financial statement compliance
and reliability and the audit process to the Audit Committee.
Operational Risk and Sustainability Committee
The Operational Risk and Sustainability Committee is
chaired by Rod Ritchie, who is independent, and the other
members are Dr Rosalind Archer, Andrew Jefferies, and
Alastair McGregor.
The Committee met three times during the year by video
conference, and all members were present for each
meeting.
The Operational Risk and Sustainability Committee’s
role is to advise and support the board in meeting its
responsibilities in relation to health, safety, security,
environment, sustainability, operational risk and community
engagement matters arising out of the activities and
operations of the Group.
The committee’s responsibilities include:
• Monitoring the performance and effectiveness of the
Company’s Risk Management Framework, compliance
with the framework and the adequacy of risk controls.
Setting, reviewing and agreeing operational risk and
sustainability policies, practices, frameworks and
targets, including performance against these, including:
Sustainability performance framework, targets and
reporting;
Community and iwi engagement;
Environmental policies and programmes including
climate change responses.
Seeking assurance of the Company’s compliance
with all operational risk and sustainability legislative
requirements, licence conditions and stakeholder
•
•
•
•
•
54
commitments.
•
Supporting the board and management in defining
the Company’s operational risk and sustainability
objectives.
• Working with management to agree how operational
risk and sustainability objectives will be achieved,
monitored and reviewed.
•
•
•
•
Supporting a culture of continuous improvement by
reviewing significant incidents and system failures
and monitoring actions and measures to minimise
recurrence.
Ensuring the necessary skills are obtained and
maintained to achieve operational risk and
sustainability objectives.
Providing leadership to the board and support the
Company in aspiring to proactively manage ORS issues.
Ensuring that significant issues are brought to the
attention of the full board.
Company policies, frameworks and strategies relevant to
this Committee:
•
•
•
•
•
•
•
•
Health and Safety Policy
Environment Policy
Capturing Local Economic Benefits Policy
Community Engagement Policy
HSSE Management Framework and Management
System ¬ Risk Register
Risk Management Procedure
Sustainability Framework
Climate Change Policy
Read the Operational Risk and Sustainability Committee's
charter here
www.nzog.com/dmsdocument/370
New Zealand Oil & Gas Annual Report 2022 Health and Safety
Environment
The Company values the wellbeing of employees,
contractors and communities in which we operate. It is
fully committed to the provision of a safe and healthy
environment for all employees, contractors and visitors to
New Zealand Oil & Gas sites, and to achieving a health and
safety aspiration of 'no one gets hurt’ and ‘no incidents’.
All employees, contractors and joint venture parties
engaged in activities under the Company’s operational
control are responsible for the application of the Health and
Safety Policy.
All employees are responsible for taking all practical steps
to avoid harm to themselves or to others in the workplace.
They must report any potentially hazardous situations,
maintain good housekeeping in all areas and comply with
safe work practices and procedures.
The Company’s managers are responsible for promoting the
Health and Safety Policy in non-operated joint ventures.
The Company values our natural environment and is
committed to responsible management practices that
minimise environmental impacts arising from our activities,
using soundly-based science as the basis for all of our
environmental decisions.
All employees, contractors and joint venturers engaged
in activities under the Company’s operational control
are responsible for applying the Environment Policy. The
Company’s managers are responsible for promoting the
policy in non-operated joint ventures.
Management reviews the risk management framework
twice per year and reports to the Operational Risk and
Sustainability Committee.
The full Board reviews the risk register annually.
The full Health and Safety Policy is available in the corporate
governance section of the Company's website at
The full Environment Policy is available in the corporate governance
section of the Company's website at
www.nzog.com/dmsdocuments/492
www.nzog.com/dmsdocument/491
55
New Zealand Oil & Gas Annual Report 2022 Recognising and Managing Risk
The Company has a risk management system
framework, which outlines the Company’s approach to
risk management. It provides a framework for applying
consistent and comprehensive risk management practices
across all functional areas of the business.
A central Company risk register, which considers the risks,
reviews the controls, assigns ownership of a risk and tracks
treatment plans, is maintained. Risk assurance is provided
through a prioritised programme of audits and internal
review.
The board’s accountabilities include:
•
Overseeing the effectiveness of the risk management
system framework,
• Monitoring compliance, and
•
Approving polices and systems for the ongoing
identification and management of risks.
The board’s responsibilities include:
•
•
•
Approving the Company’s risk capacity and appetite,
Reviewing material risks, and
Reviewing the risk register.
Responsibility for identifying, documenting and managing
risks and opportunities is delegated to the appropriate
level of management. The Chief Executive is responsible
for such things as integrating risk management into core
business processes, managing the Company’s corporate
strategic risks and opportunities, and regularly reviewing
the Company’s risk profile. The Chief Executive has ultimate
responsibility to the board for design, development and
improvement of the risk management framework system
and maintains the Company’s risk register.
The Company does not have an internal risk function.
The process employed for evaluating and improving the
effectiveness of risk management and internal control
processes is:
•
Risks are formally reviewed by risk owners;
• Management regularly reviews the risk register to
ensure adherence and continuous improvement;
•
•
•
The ORS Committee regularly reviews the risk register,
with a particular emphasis on reducing key risks to as
low as reasonably practicable;
For specific operational activities (including seismic
acquisition campaigns), the board reviews the
intended operational activity against activities related
to elements of the Company’s HSSE management
framework to ensure a compliant work programme,
achieving desired objectives safely; and
After-action reviews of an operational phase of a
project are undertaken by the HSSE Advisor and project
team, to identify improvement in control processes.
The after- action review is then reviewed by the ORS
Committee.
The ORS Committee reviews specific risks at each meeting
of the committee and, at least annually, reviews the risk
register and framework document to satisfy itself that the
system continues to be sound.
TCFD Risk disclosure
Taskforce on Climate-Related Financial Disclosure risks,
and the framework for managing climate risks, are
comprehensively reported in the Sustainability Report.
TCFD reporting is also maintained on our Company website.
The Risk Management System Framework is available in the
corporate governance section of the Company’s website at
The most recent Sustainability Report, the Sustainability
Framework and relevant risks are available on the Company’s
website at
www.nzog.com/dmsdocument/1
www.nzog.com/sustainability
56
New Zealand Oil & Gas Annual Report 2022 Climate risk management
HOW WE IDENTIFY, ASSESS AND MANAGE CLIMATE-RELATED
RISKS
The Company’s Risk Management System Framework
applies consistent and comprehensive risk management
practices. Climate risks are recorded in the central risk
register, which considers the risks, reviews the controls,
assigns ownership of risk and tracks treatment plans.
Climate risks are identified on an ongoing basis.
Consideration is given to industry and peer information and
expertise, shareholder and community feedback, regulatory
changes, and analysis by our own staff and contractors.
Risk assurance and oversight of climate risk management is
provided through internal review by the board Operation Risk
and Sustainability committee.
The Risk Management System Framework is described in
the corporate governance section on page 54.
Responsibility for identifying, documenting and managing
risks and opportunities is delegated to the appropriate level
of management.
The General Counsel has responsibility for climate risk. Asset
managers are responsible for risks to individual assets.
The Chief Financial Officer has management responsibility
for financial and investment risks associated with climate
change.
Potential risks to New Zealand Oil & Gas from climate
change are assessed under the following headings:
•
•
•
•
•
Policy and Legal,
Physical (acute and chronic),
Financial and Market,
Social/Political/Regulatory, and
Technological.
All these risks have potential financial and operational
implications due to lost profitability and increased delays.
HOW WE MODEL CLIMATE RISK
For our New Zealand Kupe asset, New Zealand Oil & Gas uses
the New Zealand ETS market pricing for carbon emissions.
The Company has sufficient forward emissions credits for
future demand. As these were purchased at much lower
carbon prices, the emissions trading system carbon costs
represent a positive opportunity for competitive advantage.
For physical risks to the Kupe offshore platform, onshore
coastal processing plant and connecting pipeline, the
Company carries insurance and equipment is engineered to
standards well in excess of expected weather activity.
For physical risks to our Amadeus Basin interests, the
Company has comprehensive insurance. Physical risks
associated with climate are assessed in engineering
planning. For forward price risk associated with production,
the company uses impairment testing based on forward
market prices and contracts.
The Company uses an internal price to test economics of
investments based on market prices in other comparable
international regimes. Expectations of forward prices reflect
the market consensus on the likelihood and level of future
carbon charges and market demand. Potential increased
carbon pricing or reduced prices are part of the Company’s
sensitivity testing.
In the reporting period, carbon prices have generally
conformed to forward curves, while oil and gas commodity
prices have been much higher, mainly owing to concerns
about energy security and actual shortages of gas.
Consequently, the financial risks associated with climate
change are assessed to be considerably to the upside
(positive) at the date of this report.
57
New Zealand Oil & Gas Annual Report 2022 The table uses the following time horizon categories: Short (S): 0–5 years, Medium (M) 5–10 years, Long (L) 10+ years.
Risk type
Description
Time
Control
Non physical risks
Policy and legal risks
Litigation against companies and/or
directors on climate grounds (claiming
causation or seeking greater action to
mitigate effects) could have reputational,
development and operating cost impacts.
Changing regulations including bans and restrictive
regulations, taxes and emissions limits across
all jurisdictions risk viability of projects.
S M L
Board and management understand their
fiduciary duties around climate change risk.
Internal processes, including due
diligence and joint venture processes,
identify and manage climate risk.
Monitor jurisdictions where we undertake
activities. Look to diversify jurisdictions to mitigate
changes to any individual regulatory environment.
Participate in New Zealand’s environmental
regulation framework through reputable
industry advocacy bodies, including Energy
Resources Aotearoa, Business New Zealand
and the Business Energy Council.
Develop evidence for the role of natural
gas in a net carbon-zero future.
Reputational and
social license risks
Stakeholder disengagement and oppositional
activism. Loss of social license, leading
to project delays or stoppages.
Recruitment and retention risk.
Risk of partner misalignment from divergent
approaches to carbon management.
S M L
Manage environmental performance
through sustainability framework.
Promote corporate values, including
our pride in our work.
Due diligence screening of commercial
opportunities and joint ventures.
Financial risks
Divestment movement increases, affecting
availability and cost of capital.
Insurance premiums increase. Potential for classes
of assets and locations to become uninsurable.
Capital cost increases if new environmental
standards require more expensive
supplies relative to alternatives.
Carbon pricing adopted across jurisdictions,
or inconsistently between them.
Changes to price and cost forecasts result
in stranded assets or reserves.
Physical assets, especially our coastally-
located gas production plant, may be subject to
increased frequency and intensity of extreme
weather events such as storms, flooding, coastal
inundation, lack of water availability, or slips.
Offshore drilling and production delayed or
shut in by increased weather events.
Physical risks
Acute & Chronic
S M L
S M L
Shadow price on carbon to sensitivity
testing in investment decisions.
Due diligence screening of commercial
opportunities and joint venture processes.
M L
Assurance relating to insurance forecasts.
S M L
S M L
Access to a range of funding options.
Reporting on ESG matters, including
TCFD compliant reporting.
Jurisdictional diversification to avoid impact
of sudden, unilateral changes, confiscation
or value destruction by regulation.
M L
Engineering anticipates environmental conditions.
Carbon policy provides for review of climate
issues in strategic and operational decisions.
Opportunities
Commercial
Global reduction in high carbon sources such
as coal is increasing demand for natural gas
as a lower carbon partner to renewables.
Reputational
Partnering with local communities to
support low carbon initiatives.
S M L
Strategic preference for natural gas.
Support for our joint venture partners
pursuing low carbon innovations on sites.
Ongoing investigation of investment
opportunities in lower emission technologies,
including carbon capture and storage.
S M L
Local relationships and discussions
about contributing to socially
desirable low carbon outcomes.
58
New Zealand Oil & Gas Annual Report 2022
PRINCIPLE 8
Remunerate fairly and responsibly
A listed entity should pay director remuneration sufficient to attract and retain
high quality directors and design its executive remuneration to attract, retain and
motivate high quality senior executives and to align their interests with the creation
of value for security holders and with the entity’s values and risk appetite.
The Board has a Nominations and Remuneration
Committee, which has five members, Dr Rosalind Archer
(Chair), Marco Argentieri, Samuel Kellner, Alastair McGregor
and Rod Ritchie. The Committee met three times during
the year. All members attended three meetings except the
Chair who missed one of the three. The Committee charter
requires that it comprises at least three non-executive
directors of the board. The chair, Dr Archer, is independent.
A majority of the board is not independent and the
composition of the committee also reflects this.
The Committee’s functions are laid out above at page 45.
The Company aims to attract, retain and motivate
professional staff capable of achieving the goals of the
Company. To achieve this, the Company wants to encourage
and reward its staff fairly and appropriately within the
market to reflect performance and contribution.
Remuneration and Performance Appraisal Policy
The Remuneration Policy sets out a process to assess the
competitiveness of remuneration.
The Nomination and Remuneration Committee is
responsible for receiving and making recommendations
on remuneration policies for the chief executive and
senior managers based on assessment of relevant market
conditions and linking remuneration to the Company’s
financial and operational performance and individual
performance.
Executive remuneration may comprise salary, short-term
incentive payments and share options.
Director’s remuneration
At the 2008 Company Annual Meeting, shareholders
approved a resolution that director’s fees be set at a
maximum of $600,000 per annum, being the combined total
for all non-executive directors. There has been no increase
in the fee level since 2008 and in March 2016 the board and
directors volunteered a reduction in their fees.
OGOG representative directors have not yet drawn any fees
for their services.
Directors do not receive any performance-based
remuneration. Mr Jefferies does not receive fees because
he is the Chief Executive.
The total remuneration and other benefits to directors for
services in all capacities during the year ended 30 June
2022 was:
Dr R Archer
Mr M Argentieri
Mr A Jefferies*
Mr S Kellner
Mr A McGregor
Mr R Ritchie
$82,320
$909,490
$82,320
* Includes remuneration received as Chief Executive.
Read the Committee's Charter here
Options to acquire ordinary shares are issued in accordance with
Scheme Rules, which are available here
www.nzog.com/dmsdocument/480-nzog-share-option-scheme-
www.nzog.com/dmsdocument/373
rules-pdf
59
New Zealand Oil & Gas Annual Report 2022 Staff Salary Bands
$110,000 - $120,000
$160,000 - $170,000
$190,000 - $200,000
$210,000 - $220,000
$270,000 - $280,000
$290,000 - $300,000
$330,000 - $340,000
$340,000 - $350,000
$430,000 - $440,000
$530,000 - $540,000
$900,000 - $910,000
2
3
1
1
1
1
1
2
1
1
1
15
CEO Salary
Salary
Benefits
Cash STI
LTI share options
TOTAL
642,376
38,975 1
196,897 2
31,242 3
909,490
NOTES
1 Benefits include KiwiSaver at 3% and health insurance
2 STI for current period, paid August 2022
3 Share options issued in the year 413,022. See
Note 25 in the Financial Statements.
Securities Trading Policies
The Company’s Securities Trading Policies set out
procedures about when and how an employee, dedicated
contractor or director can deal in Company securities.
These policies are consistent with New Zealand’s Financial
Markets Conduct Act 2013 and its insider trading procedures,
and they comply with ASX and NZX listing rules.
The board ensures that these policies are up-to-date and
compliant at all times with changes to the law and to listing rules.
The Securities Trading Policies are available on the Company’s
website at
For directors: www.nzog.com/dmsdocument/496
For employees and contractors www.nzog.com/dmsdocument/497
60
New Zealand Oil & Gas Annual Report 2022 Shareholder
Information
Stock Exchange Listing
The Company is listed and its shares quoted on the official list
of the Australian Securities Exchange (ASX) and on the Main
Board equity security market operated by NZX Limited (NZX)
as a foreign exempt entity. On both exchanges the Company’s
code is “NZO”.
Securities On Issue
As at 31 August 2022 New Zealand Oil & Gas Limited had the
following securities
Listed Ordinary Shares
Options to acquire
ordinary shares
223,950,838
6,960,380
Options have been issued subject to the Scheme Rules available here:
www.nzog.com/dmsdocument/482
Option holders will be able to exercise the Options within a three year period,
three years post issue. The Board fixes the exercise price of the Option. To date,
there have been three tranches of options issued, one has an exercise price
of $0.61 per Option, another $0.65 per Option and the most recent $0.52 per
Option. Shares issued on the exercise of Options will be issued on the same
terms and will rank equally in all respects with ordinary shares currently on
issue. Options do not carry voting rights or any entitlement to receive dividends
unless and until exercised and converted to shares. In the event of a change
of control event, generally the vesting date of Options will accelerate and the
Options will become exercisable. Options are generally forfeited by a participant
on the occurrence of a lapse event, which includes when the participant ceases
to be an employee of the Company.
Substantial Shareholders
Substantial Product Holder Notices are received pursuant to
the Financial Markets Conduct Act 2013. Shareholders are
required to disclose their holding to the issuer and the issuer’s
registered exchanges when:
•
•
•
•
They have a substantial holding (5% or more of the listed
voting securities);
Subsequent movements of 1% or more in a substantial
holding from prior notification;
Any change is made in the nature of any relevant interest
in the substantial holding; and
They cease to have a substantial holding.
According to the Company’s records and Substantial Product
Holding Notices previously released to the ASX and NZX, as at
30 June 2022, one Substantial Product Holder Notice, from
O.G. Oil & Gas (Singapore) Pte on 27 May 2022, was received
since the date of the last Annual Report, in respect of a
holding of 160,583,035 ordinary shares of New Zealand Oil &
Gas Limited (71.705%).
61
New Zealand Oil & Gas Annual Report 2022 Units
160,583,035
%
71.70
6,000,000
3,340,000
3,149,936
2,456,132
1,754,213
1,750,000
1,574,507
1,378,593
1,105,324
1,000,000
889,541
807,531
768,162
570,653
514,585
500,000
492,861
440,107
410,835
2.68
1.49
1.41
1.10
0.78
0.78
0.70
0.62
0.49
0.45
0.40
0.36
0.34
0.25
0.23
0.22
0.22
0.20
0.18
189,486,015
34,464,823
84.61
15.39
Top 20 Shareholders
As at 31 August 2022
Security Holder
O.G. OIL AND GAS SINGAPORE PTE. LTD
SIK-ON CHOW
RESOURCE NOMINEES LIMITED
ACCIDENT COMPENSATION CORPORATION - NZCSD
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