Unsecured creditors to get $10m slice of the pie.

Pike River tragedy burdens listed oil and gas company's books.

12-month NZO chart courtesy NZX.com. Click to zoom.

New Zealand Oil and Gas has stepped up its scout for Northern Hemisphere investment options, as it says New Zealand is unlikely to provide a ‘stream of opportunities’.

The listed company (NZX:NZO) has hired two senior ‘explorationists’ to scout less-risky opportunities in the Northern Hemisphere.

NZOG has interests in both the Tui and $1.3 billion Kupe fields, but company spin-doctor Chris Roberts said it was unlikely a stream of opportunities would become available in New Zealand.

Majority shareholder New Zealand Oil and Gas will come to the aid of Pike River Coal, with a $50 million equity issue and new bond announced this morning ahead of its interim result – a $14.1 million loss.

Cornerstone investor New Zealand Oil and Gas is expected to cough up for Pike River Coal, which will announce a capital raising plan in the next few weeks.

Working capital is needed for operations in the first half of the year, after delays and difficulties getting through a rock graben.