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

 


NZ Oil & Gas profit falls 61% as exploration costs surge

NZ Oil & Gas annual profit falls 61% as exploration costs surge

By Tina Morrison

Aug. 26 (BusinessDesk) - New Zealand Oil & Gas, which has interests in the Tui and Kupe fields, posted a 61 percent drop in annual profit, reflecting a "sharp" increase in exploration costs and some foreign exchange losses on its US dollar holdings.

Profit dropped to $10.1 million, or 2.4 cents a share, in the 12 months ended June 30, from $25.9 million, or 6.5 cents, a year earlier, the Wellington-based company said in a statement. Revenue rose 4 percent to $103.6 million.

The oil and gas explorer said its exploration and evaluation investment costs surged 77 percent to $75 million from the previous year and is expected to continue at around US$35 million a year. Earlier this year the company said it had found no significant gas or oil shows in its Matuku well near Taranaki. It continues to build its portfolio, with four new exploration permits awarded last year, two in New Zealand deep water and two in Indonesia.

NZOG said it is finalising a development plan for the Kisaran wells in onshore Sumatra, Indonesia, with a final investment decision expected before the end of 2014.

The company's net tangible assets declined 6 percent to 81 cents a share. It will pay a final dividend of 3 cents a share on Sept. 26.

The shares last traded at 78.5 cents and have declined 2.5 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news