Zeta Resources, through its wholly owned subsidiary Zeta Energy, already has 17.5% stake in NZO. In addition, associates of Zeta Energy own and control around an additional 3.7% stake in the company.
Zeta said that the second largest shareholder in NZO with 8.3% stake has also agreed to accept the offer.
Under proposed partial takeover, Zeta plans to provide NZO shareholders with 72 cents per fully or partially paid share to purchase up to 43.19% of shares.
Zeta will own or control around 50.01% of the voting rights in NZO, if the offer is accepted.
Zeta said it intends to keep best efforts to return a further $50m capital to shareholders in aggregate within six months of Zeta Energy becoming NZO’s majority shareholder.
The offer will not proceed, if Zeta is unsuccessful in achieving acceptances for at least 50.01% of all voting
NZO has controlling interest in ASX-listed Cue Energy, as well as exploration interests offshore New Zealand and onshore in Indonesia.
The company has full portfolio of activity in Indonesia, including production, near-term drilling opportunities and large unconventional prospects.
NZO also has exploration acreage in the Canterbury and Great South basins. Through its controlling interests in Cue Energy, NZO has production from the Maari ?eld.
In addition, it has exploration acreage offshore Western Australia.
