ECHELON RESOURCES LIMITED — Director's Dealing 2020

Oct 7, 2020

Ongoing Disclosure NoticeDisclosure of Directors and Senior Managers RelevantInterestsSections 297(2) and 298(2), Financial Markets ConductAct 2013	Ongoing Disclosure NoticeDisclosure of Directors and Senior Managers RelevantInterestsSections 297(2) and 298(2), Financial Markets ConductAct 2013
ToNZX Limited; and
Name of listedissuer:		New Zealand Oil & Gas Limited
Date this disclosuremade:		8-Oct-20
Date of last disclosure:		23-Mar-20
		Andrew William Jefferies
		New Zealand Oil & Gas Limited
		n/a
		Chief Executive Officer
Summary of acquisition or disposal of relevant interest (excluding s		pecified derivatives)
Class of affected quoted financial products:		Ordinary shares partly paid (nonlisted)	Options to acquire ordinaryshares, issued in accordancewith the Scheme Rules	Ordinary shares (listed)
Nature ofthe affectedrelevantinterest(s):		Indirect(employee shareplan)	Direct	Direct
For that relevant interest-
Number heldinclass before acquisitionordisposal:		1,000,000	562,315	25,000
Number heldinclass afteracquisitionordisposal:		1,000,000	885,506	25,000
Currentregisteredholder(s):		NZOG Services Limited	Andrew Jefferies	Andrew Jefferies
Registeredholder(s) once transfers areregistered:		NZOG Services Limited	Andrew Jefferies	Andrew Jefferies
Summary of acquisition or disposal of specified derivatives relevant		interest (ifapplicable)
Type ofaffected derivative:		n/a	n/a	n/a
Class ofunderlyingfinancialproducts:
The notional value of the derivative (if any) or the notional amount ofunderlyingfinancialproducts (ifany):
A statement as to whether the derivative is cash settled or physicallysettled:
Maturity date ofthe derivative (ifany):
Expiry date ofthe derivative(ifany):
The price specifiedinthe terms ofthe derivative (ifany):
Any other details needed to understand how the amount of theconsideration payable under the derivative or the value of thederivative is affected by the value of the underlying financial products:
For that derivative,-Parties to the derivative:If the director or senior manager is not a party to the derivative, thenature oftherelevantinterestinthe derivative:
Parties to the derivative:
If the director or senior manager is not a party to the derivative, thenature oftherelevantinterestinthe derivative:
Details of transactions giving rise to acquisition or disposal
Total numberoftransactions towhich noticerelates:		n/a	1	n/a
		n/a	8-Oct-20	n/a

Nature of transaction:

Name of any other party or parties to the transaction (if known):

The consideration, expressed in New Zealand dollars, paid or received for the acquisition or disposal. If the consideration was not in cash and cannot be readily by converted into a cash value, describe the consideration:

Number of financial products to which the transaction related:

If the issuer has a financial products trading policy that prohibits directors or senior managers from trading during any period without written clearance (a closed period) include the following details—

Whether relevant interests were acquired or disposed of during a closed period:

Whether prior written clearance was provided to allow the acquisition or disposal to proceed during the closed period: Date of the prior written clearance (if any):

Summary of other relevant interests after acquisition or disposal: Class of quoted financial products: Nature of relevant interest:

The Options have been issued to the Senior Manager subject to the Scheme Rules. Each Option is an option to acquire one fully paid ordinary share. Option holders will be able to exercise the Options in the period from 30 June 2023 until 30 June 2026. The exercise price for the Options is $0.65 per Option. Shares issued on the exercise of Options will be issued on the same terms and will rank equally in all respects with ordinary shares currently on issue. Options do not carry voting rights or any entitlement to receive dividends unless and until exercised and converted to shares. The Board may permit participants to exercise Options by way of a cashless exercise, through which the company would only issue to a participant the number of shares equal in value to the difference between the exercise price otherwise payable in respect of the Options and the market value of shares at the time of exercise. New Zealand Oil & Gas No amount is payable for the issuance of Options, in accordance with the Scheme Rules. The exercise price for the Options is $0.65 per Option. 1 n/a No n/a n/a n/a n/a

For that relevant interest,- Number held in class: Current registered holder(s):

For a derivative relevant interest,-

Type of derivative:

Details of derivative,-

The notional value of the derivative (if any) or the notional amount of underlying financial products (if any):

A statement as to whether the derivative is cash settled or physically settled:

Maturity date of the derivative (if any): Expiry date of the derivative (if any): The price's specified terms (if any):

Any other details needed to understand how the amount of the consideration payable under the derivative or the value of the derivative is affected by the value of the underlying financial products:

- For that derivative relevant interest, Parties to the derivative:

If the director or senior manager is not a party to the derivative, the nature of the relevant interest in the derivative:

Certification

I certify that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made.

Signature of director or officer:

Date of signature: or Signature of person authorised to sign on behalf of director or officer: Date of signature: 8-Oct-20 Name and title of authorised person: Paris Bree, General Counsel