New Zealand Oil and Gas says it did not make as much progress with its exploration programme as it would have liked during the first three months of this year.
In its latest quarterly update, the listed company says it had to endure a three-week delay as problems with the semi-submersible rig Kan Tan IV were fixed.
The company spent $4.4 million in exploration during the period, mostly on the high-risk Hoki well, which was found to contain no hydrocarbons.
But chief executive David Salisbury says other attractive prospects are being pursued.
They include the company's Kaupokonui permit in the southern Taranaki offshore basin, which could return 200 million barrels of oil, and its Barque permit in the offshore Canterbury basin, which needs to be drilled by August.