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

 

Pre-Budget: Computer Emergency Response Team, Assemble!

John Key told the country's first ever Cyber Security Summit in Auckland that the government had earmarked funding set up a national Computer Emergency Response Team to help prevent and act on cyber incidents in partnership with the private sector and other organisations. More>>

ALSO:

Job Cutter Goes: Mark Weldon To Step Down As MediaWorks CEO

“When I joined MediaWorks in August 2014, I had a mandate to lead a significant change programme to bring the business back from receivership into a position where it could once again be a strong competitor in the market, with a sound and sustainable future. It was a big brief, laden with inherent challenges, but I took it in good faith and have dedicated myself fully to the goal since." More>>

ALSO:

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news