1 Nov 2011

Pike River bids now lodged

1:45 pm on 1 November 2011

Final bids for Pike River Coal have been lodged with the receiver.

Majority owner New Zealand Oil & Gas says the sales process is now at an advanced stage.

Chief executive David Salisbury told shareholders at the company's meeting on Wednesday that New Zealand Oil & Gas's involvement with Pike River will soon end.

He said the receivership of Pike River, coupled with the turbulence on global financial markets and NZ Oil & Gas's recent downgrade of estimated reserves at its Kupe field, have had a negative affect on its share price.

Mr Salisbury is to leave the company in December after four years as chief executive. Chairman Tony Radford says the company expects to announce his successor soon.