Archive: February, 2021

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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