NZ Oil and Gas chairman Radford to step down after AGM

New Zealand Oil & Gas founding chairman Tony Radford

BUSINESSDESK: New Zealand Oil & Gas founding chairman Tony Radford will step down after next month's annual meeting and will be replaced by fellow director Peter Griffiths.

Mr Radford will stay on the board of the oil and gas explorer, having led the company's governance for more than three decades, the company says.

Incoming chairman Mr Griffiths joined NZOG's board in 2009 after a 21-year career with BP, including a decade in charge of the oil company's New Zealand business.

He also sits on the boards of the Civil Aviation Authority, Northland Port, Wanganui Gas, New Zealand Diving and Salvage, and Z Energy.

The shares sank 5.6% to 85 cents, and have climbed 31% this year.

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4 Comments & Questions

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The shares sank?????

They went ex a welcome dividend Mr Editor

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This is a wise decision and great succession. Radford has given his working life to this Company and his knowledge is not lost to the Board.

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Past his used-by-date long time ago.

Good riddance.

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NZO is a definite BUY now!!
Well under break up value, just have to apply a discount for poor management decisions. They should be sticking to there name - invest in NZ oil assets near Taranaki & Canterbury - Indonesia and Tunisa are a waste of money.

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NZ Market Snapshot

Forex

Sym Price Change
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AUD 0.9472 0.0003 0.03%
EUR 0.6245 0.0006 0.10%
GBP 0.4944 0.0004 0.08%
HKD 5.9783 0.0083 0.14%
JPY 91.3730 -0.0820 -0.09%

Commods

Commodity Price Change Time
Gold Index 1189.4 -2.770 2014-12-17T00:
Oil Brent 61.2 -1.020 2014-12-17T00:
Oil Nymex 56.8 0.920 2014-12-17T00:
Silver Index 15.9 0.138 2014-12-17T00:

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NZX 50 5496.6 5532.8 5496.6 0.40%
NASDAQ 4556.9 4651.9 4547.8 2.12%
DAX 9455.7 9589.2 9563.9 -0.20%
DJI 17069.2 17389.3 17068.9 1.69%
FTSE 6331.8 6359.7 6331.8 0.07%
HKSE 22878.3 22935.0 22585.8 0.99%
NI225 17143.0 17274.2 16819.7 2.32%