NZ Oil & Gas quarterly result out

JAMES WEIR
Last updated 10:06 30/01/2013

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New Zealand Oil & Gas is reporting operating revenue of $18.3 million for the December quarter.

That included $6.9m from the sale of oil from the offshore Taranaki Tui oil field. NZOG has a 12.5 per cent stake in Tui.

It also posted revenues of $11.4m from the sale of Kupe gas, LPG and light oil. NZOG holds 15 per cent of the Kupe field.

As at the end of December, NZOG has cash in the bank equal to NZ$209m, held in both US and New Zealand currency.

The NZX listed company paid off $4.8m from its debts during the quarter. Its loan balance stands at $38m, which the company expected to repay in full by March 2015.

NZOG has a net cash position of $171m.

NZOG said it had not yet made a decision on a dividend this year, but the board was “considering” a possible interim dividend. The board would make a decision on a dividend when it considers the half year results due out on March 1.

NZOG shares last traded at 87c, up from about 72c a year ago.

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