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

 

Finance: Major Campaign To End "Gross Overtaxation Of Savings"

The campaign – which includes a special web site through which New Zealanders can e-mail their own and other MPs and party leaders – is backed by Age Concern, Consumer NZ, the Financial Services Council and the Taxpayers’ Union. More>>

ALSO:

Scoop Business: Leighton-Led WGP To Build, Manage Transmission Gully

The Wellington Gateway Partnership, led by a unit of ASX-listed Leighton Holdings, has won the $1 billion contract to build the Transmission Gully road north of Wellington. More>>

ALSO:

Gareth Morgan: The Government’s Fresh Water Policy – Revisited

Fresh water quality is the latest area to be in the sights of Gareth Morgan and his research organisation The Morgan Foundation... They found that the fresh water policy was a bit murkier than the Environment Minister let on. More>>

ALSO:

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news