Tui boosts NZOG profit

By JAMES WEIR - Businessday | Friday, 29 August 2008

New Zealand Oil and Gas is rewarding shareholders with an extra 5c final dividend after posting a bumper $97 million annual profit on the back of its huge success from the offshore Tui oil field.

For the 12 months ended 30 June 2008, NZOG recorded a net profit of $97.2 million from total revenue of $234.1 million.

That was a huge leap from a net profit of $6.8 million and revenue of $4.2 million in the previous year.

 NZOG earlier reported a cash balance at 30 June of $256 million, but that is now up to $285 million and the company is well positioned to pursue new investment opportunities, it said.

Given the outstanding full year result, the Board announced a fully imputed final dividend of 5 cents a share, after paying a 5c dividend in April.

The determination of entitlements for the extra 5 cents dividend will be taken from the close of the share register on Friday 19 September 2008. The dividend will be paid on Wednesday 1 October 2008.