29 Jul 2010

$30 million return for NZOG from Kupe and Tui operations

12:23 pm on 29 July 2010

New Zealand Oil & Gas made more than $30 million from its two off-shore Taranaki fields in the three months to June.

The oil and gas exploration company's operations in the Kupe field were in full production and earned just over $18 million during the period, while its Tui operations slightly exceeded their target and returned $13.1 million.

The company drilled two more exploratory wells near the the Tui field during the quarter, but neither had commercial quantities of oil.

The company had a cash balance of $142.4 million at the end of June.

Shares in New Zealand Oil & Gas slipped 2 cents to $1.52 on Thursday morning.