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

 

Ruataniwha: Greenpeace Launches Legal Challenge Against $1b Dam Plan

Greenpeace NZ is launching a legal challenge against a controversial plan to build a dam that’s set to cost close to $1 billion and will pollute a region’s rivers. More>>

ALSO:

Inequality: Top 10% Of Housholds Have Half Of Total Net Worth

The average New Zealand household was worth $289,000 in the year to June 2015, Statistics New Zealand said today. However wealth was not evenly distributed, with the top 10 percent accounting for around half of total wealth. In contrast, the bottom 40 percent held 3 percent of total wealth. More>>

ALSO:

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news