KEY POINTS:
New Zealand Oil and Gas is planning to lodge its prospectus for the Pike River Coal public listing in the first week of March, the company said today.
NZOG owns 61 per cent of Pike River Coal, whose float has been delayed four times and is scheduled for the first quarter of this year.
"We're making good progress on it, but we're looking to lodge the offer document for review in the first week of March," NZOG general counsel Helen Mackay told NZPA.
The company will lodge the document with the New Zealand and Australian stock exchanges, but had not finalised a date for the listing.
"We'll need to get a bit further down the track before we have a definitive date," she said.
"Certainly once you've lodged the document for review, the process is in train."
NZOG shareholders will receive entitlements to one Pike River share for each eight NZOG shares held.
The Pike River mine in the Paparoa Range, near Greymouth, is capable of producing high quality coking coal which will be sold to India. It is expected to cost about $174 million to develop.
Part of the reason for the float's delay was due to the bedding down of a $20 million investment by Indian company Gujarat NRE Coke, and arranging finances.
- NZPA
