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NZ Oil & Gas majority owner aims to take over company

The majority shareholder of NZ Oil & Gas (NZOG) wants to take over and privatise the company which is struggling as a result of the government bank on offshore exploration.

Monaco-owned O.G. Oil and Gas (OGOG) is going to offer 62 cents a share to buy the 30 percent of NZOG it does not already own, valuing the company at about $102 million.

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