Contact

Reception
+6444952424
36 Tennyson Street, Te Aro, Wellington 6011

New Zealand Oil & Gas Limited Analysis

Overview

New Zealand Oil & Gas is an exploration and production company started in 1981.

The company has production interests in Indonesia and Australia through its ASX-listed subsidiary, Cue Energy; and exploration interests offshore from New Zealand's South Island and onshore Indonesia.

After selling its major producing assets at the end of 2016 the company is seeking diversified investment opportunities in familiar markets, with a preference towards gas.

Performance

The following information was extracted from New Zealand Oil and Gas Limited's annual result, released on 31 August 2023:

NEW ZEALAND OIL & GAS HALF-YEAR RESULT: NET PROFIT AFTER TAX UP 112%

"This half year is a watershed for New Zealand Oil & Gas, as the strategy our Board announced in 2020 begins to pay dividends...literally" says Andrew Jefferies CEO.

  • Increase in Net Profit After Tax to NZ$7.0 million, up 112%
  • Production up 9%
  • Revenue of NZ$51.3 million up 11%
  • Operating Cashflow up 44% to NZ$20.9 million
  • Cash climbs to NZ$46.4 million up 27% from June 2023
  • Special dividend AUD 3 cents per share declared
  • Recently announced 25% ownership increase in the Mereenie field

New Zealand Oil & Gas (NZO] is again delivering on its growth strategy reporting a 112 per cent increase in Net Profit After Tax [NPAT]. NPAT rose to NZ$7.0 million from NZ$3.3 million in the same period last year. Group NPAT is up 68 per cent to $11.8 million from NZ$7.0m last year.

Disclaimer: This section is provided as general information only. It is not intended as a substitute for legal or professional advice to company directors and officers or investors. NZX Limited disclaims any liability arising from the use of this information.