Sales revenue jumps at NZ Oil and Gas

The company has announced a net profit of $2.1 million for the year to the end of June, a big turnaround from last year's loss of $10.75 million.

Last year's result included the cost of drilling the Hochstetter prospect.

Sales revenues of $24.6m were up 43% on the previous year, which the company says reflects higher oil prices and increased gas sales.

NZOG says operations overall produced a surplus of $1.2 million after writedowns of $2.2 million, mainly related to Western Australia, and $2 million on investments.

However adjustments for minority interests and taxation in the company subsidiary, Pan Pacific Petroleum, boosted the final result to a profit of $2.1million.

There is no final dividend.

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

Otter offer spurned by NOG