New Zealand Oil and Gas Year End Result Revenue up 18%

Posted on 6 September 2023

  • Revenue of NZ$98.8 million up 18% strong gas prices realised for contracted and uncontracted gas
  • Production up 7 year on year
  • Increase in Mahato oil production from development drilling
  • Palm Valley gas production up 49% for the year after successful tie in of PV 12 well
  • Operating cashflows of NZ $32.5 million up NZ $1.0 million year on year
  • Continued growth expected from Mahato, Kupe and Amadeus developments

New Zealand Oil Gas is delivering on its growth strategy, with revenue of NZ$98.8 million for the year ended 30 June 2023, up 18% compared to the year before of NZ$83.8 million.

The result is the second consecutive year of increasing revenue since the acquisition of Amadeus Basin assets in Australia’s Northern Territory. Revenue from onshore Australian assets was up 47% compared to a year ago which only included 9 months of Amadeus Revenue from Indonesia is up 15%

Operating cashflows were up by 3% on the prior year to NZ$32.5 million. Increased operating cashflows were driven by the Amadeus assets and development of the Cue portfolio in Indonesia.