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

 

Taxing Multinationals: EU Ruling Sours Apple

Shares of Apple slid, down 0.9 percent as of 3.08pm in New York, after the European Commission ruled that Ireland granted the company undue tax benefits of up to 13 billion euros (US$14.5 billion)—"illegal aid” under EU rules that the commission says Ireland now must recover from Apple. More>>

ALSO:

NZX Review: Best Practice Code Recommends Code Of Ethics

NZX, the sharemarket operator, is seeking feedback on proposed changes to its corporate governance best practice code including a published code of ethics, rules about share trading and continuous disclosure, and more transparency over board appointments and chief executive pay. More>>

ALSO:

Auditors:

Signs Of Life? SETI On Russian Space(?) Signal

A star system 94 light-years away is in the spotlight as a possible candidate for intelligent inhabitants, thanks to the discovery of a radio signal by a group of Russian astronomers... Could it be a transmission from a technically proficient society? At this point, we can only consider what is known so far. More>>

Post-Post: Brian Roche To Step Down As NZ Post CEO

Brian Roche will step down as chief executive of New Zealand Post in April 2017, having led the state-owned postal service's drive to adjust to shrinking mail volumes with a combination of cost cuts, asset sales, modernisation and expansion of new businesses. More>>

ALSO:

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news