12 Jun 2009

Reduced earnings for NZ Oil and Gas in 2010

9:03 pm on 12 June 2009

New Zealand Oil and Gas says a delay to producing the first natural gas from the Kupe field will reduce its earnings in the 2010 year.

The explorer says full production will begin early next year, rather than in October, due to longer-than-expected testing at the production station.

New Zealand Oil and Gas' spokesman Chris Roberts says the delay will affect the company's earnings in the 2009-10 financial year.