15 Sep 2011

NZOG talking to significant new investor

7:36 am on 15 September 2011

New Zealand Oil and Gas says it is working to conclude a possible US$100 million investment.

As well as the producing Kupe and Tui fields in New Zealand, the company has been expanding its exploration horizons to Tunisia and Indonesia.

Chief executive David Salisbury says the company is in "a bit of an arm-wrestle" with the significant new investor.

He says the company is well-advanced in the due diligence process, but negotiations are taking time.