27 Jun 2012

NZOG looks at further lift in Kupe reserves

7:48 pm on 27 June 2012

NZOG shares finished the day up 3 cents (3.87%) at 80.5 cents.

New Zealand Oil and Gas, which owns 15% of the Kupe oil and gas field off the Taranaki coast, says preliminary results of a review of the field's reserves suggest estimates of what remains may need to be increased.

The listed company says the information is being independently-reviewed by all parties, and they hope to make a detailed announcement about their position in mid-July.

The Kupe field is half owned by Origin Energy, state-owned power company Genesis Energy holds 31% and Mitsui 4%.

In July 2010 the field's owners raised their estimates of the field's reserves by 6%.