Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZOG in trading halt, Tunisian oil field announcement due

NZOG in trading halt, Tunisian oil field announcement due

By Pattrick Smellie

Feb. 28 (BusinessDesk) - New Zealand Oil & Gas has asked to be placed in a trading halt for around four hours on both the New Zealand and Australian stock exchanges, pending "a material announcement regarding how NZOF progresses with a material asset."

The company is making no further comment.

However, information on the company's website suggests the announcement is likely to be regarding its potential involvement in developing an offshore oil field in Tunisia, known as Cosmos.

In a "latest news" section relating to the Tunisian prospects, NZOG says studies to analyse the various options for developing the Cosmos reservoirs began in February 2012, with "a final investment decision expected to be made in March 2013."

"If the field is developed, first production would be expected to begin in late 2014," NZOG has said.

NZOG paid US$3 million for a 40 percent stake in the concession, which lies in the Gulf of Hammamet, offshore Tunisia, in partnership with the operator Storm Ventures International, a wholly owned subsidiary of Canadian Chinook Energy (40 percent) and Tunisia's state-owned oil company, ETAP, which holds 20 percent.

The concession contains an oil discovery, Cosmos A. Independently proved and probable oil reserves of 9.2 million barrels have been attributed to the Cosmos South block.

"If an oil field development is agreed to by the partners, NZOG will pay the first US$19m of Storm's share of the development costs," the website notice says.

NZOG shares fell 1.1 percent this morning to 93 cents before the trading halt was announced.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news