News

Exploration Expense Impacts Half-year Outcome

Posted on 26 February 2021

Interim financial results released today show lower revenues in the first half of FY2021 and the impact of exploration results on cash reserves and profits.

The costs of the unsuccessful drilling of Ironbark have been expensed at a cost to the group of $31.4 million.

 

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Pep 52717 Relinquishment

Posted on 16 February 2021

New Zealand Oil & Gas and partner Beach Energy have applied to relinquish Petroleum Exploration Permit 52717 (Clipper), which contains the Barque prospect. “It is with great regret that the Joint Venture relinquish this permit after years of work to mature it and bring in appropriate partners. I expect it will not be the last offshore acreage to suffer the same fate. New Zealand Oil & Gas believes a confluence of events including; adverse regulatory settings for offshore exploration; the dry hole at OMV’s Tawhaki permit; the recent announcement terminating Wherry-1 drilling; and the effects of COVID on drill rig costs and availability have formed a perfect storm, making the task of finding suitable partners in the required timeline impossible” says Chief Executive Andrew Jefferies.

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December 2020 Quarterly Reports Released

Posted on 3 February 2021

The NZOG December 2020 Quarterly Report and Quarterly Cash Flow Report are now released and available to be read online by clicking here

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Mahato PSC Update - Oil Production

Posted on 15 January 2021

New Zealand Oil & Gas subsidiary, Cue Energy Resources (ASX:CUE), has provided an update that commercial production of oil has commenced from the PB field in the Mahato PSC in Indonesia and the dispute between Cue and the Joint Venture partners has been settled. The update release is attached.

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Ironbark Final Operations Update

Posted on 12 January 2021

The Diamond Ocean Apex rig has completed its work scope and departed the Ironbark-1 well location at mid-night Monday 11th January 2021 (AWST). This will be the last update on the Ironbark-1 well operations.

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Ironbark Operations Update

Posted on 8 January 2021

Plug and abandonment operations continue as planned at the Ironbark-1 well location in WA-359-P located in the North Carnarvon Basin.

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Ironbark Intersects Target

Posted on 29 December 2020

The Ironbark-1 well in WA-359-P located in the North Carnarvon Basin, off the North West coast of Australia, has intersected its primary target interval at a depth of 5275 metres and, as planned, continued drilling to intersect the remaining sands. No significant hydrocarbon shows were encountered in any of the target sands.

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Ironbark Weekly Drilling Update #8 As At 22 December 2020 (NZ Time).

Posted on 23 December 2020

As at 06:00 22 December 2020 (AWST) the Operator has advised that the Ironbark-1 well had reached a measured depth of 5202 metres and we are currently preparing to case and cement. In the past week the Operator completed drilling the 12¼“ hole.

The next update will be made on the 31st December 2020.

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Ironbark Weekly Drilling Update #7 As At 17 December 2020 (NZ Time).

Posted on 18 December 2020

As at 06:00 17 December 2020 (AWST) the Operator has advised that the Ironbark-1 well had reached a measured depth of 4380 metres and they are currently drilling the 12¼“ hole. In the past week the Operator completed the 13-5/8” casing and cementing job. They also completed a BOP pressure test.

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