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.
