NZ Stocks: New Zealand Oil & Gas, Pan Pacific, Horizon Energy - BusinessWeek

June 14 (Bloomberg) -- New Zealand’s NZX 50 Index rose 0.1 percent to 3,042.67 at the close of trading in Wellington. The following were among the most active shares in the New Zealand market today. Stock symbols are in parentheses after company names.

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Oil companies: New Zealand Oil & Gas Ltd. (NZO NZ), the nation’s biggest publicly traded explorer and a partner in the nation’s Tui oil field, fell 4.9 percent to NZ$1.36. Pan Pacific Petroleum NL (PPP NZ), an Australian explorer, tumbled 7.4 percent to 25 New Zealand cents. The companies said a commercially significant amount of oil wasn’t found in the Tui SW-2 well, located in New Zealand’s offshore Taranaki Basin. The companies said June 10 that it had detected oil in the well. Horizon Energy Distribution Ltd. (HED NZ) soared 23 percent to NZ$4.16. The New Zealand power company said an investor will offer to buy as much as 10 percent of the company in the open market from today. The investor, acting through First NZ Capital Ltd., will offer NZ$4.15 ($2.86) a share, Whakatane-based Horizon said in a statement.

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