30 Aug 2008

Profits up for energy explorer

6:36 am on 30 August 2008

Surging oil prices and higher than expected production from the Tui oil field have boosted profit at the energy explorer, New Zealand Oil & Gas.

The company has made a profit of $97.2 million for the year to the end of June, compared to $6.8m the previous year as it enjoyed a near full year of production from the Taranaki oil field.

New Zealand Oil and Gas also has a stake in the Kupe field, which is due to start producing mid-next year and its chief executive David Salisbury says the expected return has increased significantly.

Meanwhile, Pike River Coal, in which New Zealand Oil & Gas has a third of a stake, lost $1.1m in the June year as it readied itself to start producing coal.