2 Mar 2013

NZOG profit rises

10:37 am on 2 March 2013

New Zealand Oil and Gas has more than quadrupled its half year profit to $7.7 million in the six months to December.

In the same period a year earlier the energy explorer's proft was $1.7 million.

Revenue fell 12% to $48 million due to a scheduled shutdown of its Kupe gas production facility in October.

New Zealand Oil and Gas has a 15% stake in the Kupe gas field which accounted for two-thirds of sales and the rest came from its 12.5% stake in the Tui oil field.

Net cash stood at $171 million.

Investors will receive a dividend payout of 3 cents a share.