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

 


NZOG 1H profit falls 47% as exploration costs almost double

NZ Oil & Gas 1H profit falls 47% as exploration costs almost double

Feb. 19 (BusinessDesk) - New Zealand Oil & Gas, which has interests in the Tui and Kupe fields, reported 47 percent decline in first half profits, as revenue growth was offset by a near doubling of exploration and evaluation costs.

Net profit fell to $4 million in the six months ended Dec. 31 from $7.6 million a year earlier, the company said in a statement. Exploration and evaluation costs surged to $12.6 million in the period from $6.5 million a year earlier as the company ramped up its activity, weighing on the bottom line.

The company didn’t provide any specific forward guidance.

NZOG’s revenue rose 7 percent to $51 million in the period, lagging a 16 percent increase in operating costs to about $25 million and resulting in a gross profit of $26.7 million, little changed from $26.6 million from a year earlier.

Earlier this year the oil and gas explorer announced it had found no significant gas or oil shows in its Matuku well near Taranaki. The company continues to build its portfolio, with three new offshore exploration permits awarded last year. It also has a 36 percent stake in a three-year exploration of onshore south of Sumatra, Indonesia.

The Wellington-based company’s Tui field, New Zealand’s first stand-alone offshore oil development, declined 19 percent to $13 million in total revenue and other income, while the longer-running gas and light/oil condensate Kupe field increased 21 percent to $38 million.

Net tangible assets per share declined a cent to 84 cents. The company said it will pay shareholders an unimputed interim dividend of 3 cents per share April 4.

The shares fell 0.6 percent to 78 cents, and have declined 16 percent in the past 12 months.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Callaghan Innovation: Investment To Help Deepen Innovation Reporting

Callaghan Innovation, the government’s high tech HQ for Kiwi business, is to help deepen New Zealand media coverage of the commercialisation of innovation through an arms-length partnership with independent business news service BusinessDesk. More>>

ALSO:

Tax Credits, Grants: Greens $1Bn R&D Plan

In the Party’s headline economic announcement, the Greens have launched their plan to build a smarter, more innovative economy which has as its centrepiece an additional $1 billion of government investment in research and development (R&D) above current spend, including tax breaks for business. More>>

ALSO:

Inflation: CPI Increases 0.3 Percent In June Quarter

The consumers price index (CPI) rose 0.3 percent in the June 2014 quarter, Statistics New Zealand said today. This follows rises of 0.3 percent the March quarter and 0.1 percent in the December 2013 quarter. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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