1 May 2013

NZOG March quarter outgoings exceeded cash coming in

7:14 am on 1 May 2013

New Zealand Oil & Gas spent $1.3 million more in the March quarter than it had cash coming in.

Receipts from product sales totalled $23.4 million in the three months ended March with $16.3 million coming from its 15% share in the Kupe oil and gas field and $6.1 million from its 12.5% interest in the Tui oil field.

The company spent $13.3 million on exploration in the three months ended March - New Zealand Oil & Gas has a number of prospects around Taranaki and interests in Indonesia and Tunisia.