NZ Oil and Gas shares fall 30%

[] — SHARES in New Zealand Oil and Gas (NZOG), part owner of Pike River Coal, plummeted 30% on Tuesday as the stock resumed trading four days after a mine explosion left 29 men missing.

Trading in NZOG shares, a 29.4% shareholder in Pike River Coal, was halted following Friday’s explosion at Pike River’s mine on the west coast of the South Island.

About two hours after the halt was lifted on Tuesday, NZOG shares were at 85 cents, down 35 cents, after falling as low as 80 cents. Pike River Coal’s shares will remain in a trading halt until a detailed update is given to the market.

Pike River is jointly owned by New Zealand Oil & Gas and two Indian companies -Gujarat NRE Coke and Saurashtra Fuels Private Ltd.

There has been no communication with the trapped miners since the blast and the continued presence of volatile gases in the mine has prevented any rescue attempt.