3 Mar 2013

Healthy half-year profit for energy explorer

7:10 am on 3 March 2013

New Zealand Oil and Gas has more than quadrupled its half-year profit to $7.7 million in the six months to December.

That compares with $1.7 million in the same period a year earlier.

The energy explorer's revenue fell 12% to $48 million due to a scheduled shutdown of its Kupe production facility in October.

Net cash stood at $171 million.

New Zealand Oil and Gas has a 15% stake in the Kupe gas field which accounted for two-thirds of sales and the rest came from its 12.5% stake in the Tui oil field.

Investors will receive a dividend payout of 3 cents a share.