New Zealand Oil & Gas shares jumped to a 20-month higher after the energy explorer and producer agreed to sell its stake in the Kupe oil and gas field, giving it enough cash to make a capital return to shareholders and pursue new acquisitions. The shares jumped 28% to 64 cents, valuing the company at $204.1 million. Genesis approached NZOG with the deal and the companies have been discussing it since Jefferies became acting CEO in late August. NZOG is comfortable investing in New Zealand, Australia and Indonesia, and Jefferies said it would want producing assets or investments that are near-term developments. He declined to comment on whether NZOG was in a bidding consortium but said that's the way the company could be involved in a Shell transaction.

Source: Otago Daily Times November 16, 2016 01:11 UTC