OG Oil and Gas, a minority shareholder in New Zealand’s NZ Oil and Gas (NZOG), has said it will offer NZOG shareholders 77 cents a share, outbidding an offer by Singapore-owned Zeta Resources.

OG Oil and Gas is owned by Monaco-based Ofer Global, which was founded by Eyal Ofer, the son of shipping mogul Sammy Ofer.

According to New Zealand press reports, NZOG is sitting on cash after recently selling stakes in the Tui and Kupe oilfields, its two producing investments.

Zeta has said it wants to cut NZOG’s overheads and views further exploration as risky, but already controls nearly 30 percent with the help of other shareholders. OG Oil and Gas, on the other hand, has a much smaller 4.3 percent stake.

OG Oil and Gas is enthusiastic about NZOG taking advantage of its interest in the Clipper exploration permit off the Canterbury coast, and believes its interest in the Toroa prospect off the Otago coast should be “diligently pursued”. It is seeking up to 70 percent of NZOG but has not yet made a formal offer.

OG Oil and Gas is chaired by Eyal Ofer, who is also involved in real estate, hotels, financial investments and oil and gas production platforms. Eyal Ofer is the chairman of Ofer Global, Zodiac Group and Global Holdings, and a noted philanthropist.

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