NZOG looking flush

Shareholders at NZOG's annual general meeting today heard that the company and its wholly owned subsidiaries, including its Australian subsidiary, traded profitably during the September quarter, and that the positive situation is continuing.

But it says the best chance for a really big leap forward in the current year will be a major new oil find in the Taranaki, and it is very keen to drill the Tui and Opito prospects, where success could have a large impact on the company's fortunes.

The company is also looking for a good result from the Ngatoro field and says there may be the opportunity to purchase additional production in New Zealand in the current year to secure a stronger core cash flow the for the company.

Other highlights of the year's outlook are the development of Pike River coal and the drilling of several wells in Western Australian via its 58% stake in Pan Pacific Petroleum.

NZOG, which made a $10.75 million loss for the year to the end of June, says by the end of the year its liquid funds are likely to be in the order of $12 million on a group basis, which is more than enough to fund foreseeable drilling costs during 2001.

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