New Zealand Oil & Gas’s fourth quarter revenue set to surge
NZ Oil & Gas's share of the shipment is 166,302 barrels.
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Hawke’s Bay
New Zealand Oil & Gas’s [NZX: NZO] fourth quarter revenue is set to surge, thanks to oil starting to flow from its Pateke-4H well.
The oil producer and explorer says 604,736 barrels of oil from the Tui field offshore from Taranaki were shipped last week.
That’s about three times the amount normally shipped in a quarter.
NZ Oil & Gas’s share of the shipment is 166,302 barrels.
It owns 27.5% of the Tui field.
In the March quarter, the company’s share of the Tui production was just under 51,000 barrels but nothing was shipped that quarter.
Its share of revenue from the field in the December quarter was $11.7 million.
In the six months ended December, NZ Oil & Gas posted a $10.5 million net loss as the average price of oil fell 28% and after it wrote down the value of its interest in the Tui field to reflect falling oil prices.
Jenny Ruth
Wed, 24 Jun 2015
Wed, 24 Jun 2015
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New Zealand Oil & Gas’s fourth quarter revenue set to surge
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