30 Jul 2009

Kupe production schedule slips again

6:11 am on 30 July 2009

Energy explorer New Zealand Oil and Gas says the Kupe gas field should be at full production by early next year, about three months behind schedule.

Chief executive David Salisbury says the delay is due to checking the pipework to make sure there are no leaks when the gas starts flowing.

Mr Salisbury says the oil explorer collected $13.9 million from its share in the Tui oil field in the June quarter, taking its full-year revenue to nearly $139 million.

Its expenditure exceeded income in the quarter because it invested $11 million in the Kupe field and $12 million participating in a capital raising by Pike River Coal, in which it has a 30% stake.