14 Jul 2010

New Zealand Oil and Gas shares surge

5:48 pm on 14 July 2010

Shares in New Zealand Oil and Gas have surged more than 6%, after the company announced its Kupe field off the Taranaki coast has more reserves than initially thought.

The oil and gas explorer, which has a 15% stake in the field, says a detailed review shows there is 8% more gas, 5% more LPG, and 27% more light oil.

New Zealand Oil and Gas says its share of the extra reserves is worth $100 million at current prices.