31 Jan 2012

Taranaki main earner for NZOG

12:27 pm on 31 January 2012

New Zealand Oil & Gas says Taranaki is expected to remain its main earner, despite expanding its exploration activities overseas.

Revenue was $25.1 million in the last three months of 2011, with three quarters of that coming from its interests in the Kupe gas field and the remainder from the Tui oil field.

While the company has done deals in Tunisia and Indonesia, chief executive Andrew Knight still expects significant growth in New Zealand.

The company also received $41 million from the Pike River Coal insurance settlement, while it advanced the receivers $4.6 million to fund their work, including stabilising and re-entry of the mine.

The company has a 12.5% stake in the Tui oil field and 15% in Kupe.

Shares in New Zealand Oil & Gas fell 1 cent to 72.5 cents each on Tuesday.