New Zealand Oil & Gas has a low cost structure, subsurface expertise, and cash for acquisitions at a scale, risk-proﬁle and price that suit our size.
Founded in 1981, New Zealand Oil & Gas is listed on the NZX, with around 13,000 shareholders.
In 2017 we sold our two major producing assets, the Kupe gas ﬁeld and the end of life Tui oil ﬁelds, both of which are located offshore from Taranaki New Zealand.
With substantial cash proceeds, the company is enhancing its balance sheet efﬁciency by returning NZD$100 million of capital to shareholders. Details of a special meeting are here.
COSTS & ACQUISITIONS
The Board intends to manage capital carefully and retain only capital needed for the company’s strategy. Exploration costs have been minimised in the current price environment.
Growth will be achieved by deploying our remaining cash to acquire quality assets at a scale, risk proﬁle and price that suit our size, in markets we understand. Our controlling 50.01 per cent interest in ASX-listed Cue Energy gives us production from the Maari oil ﬁeld, offshore from Taranaki New Zealand, and from the Sampang PSC in East Java, Indonesia , which complements our own full portfolio of exploration and development assets in Sumatra, Indonesia.
In New Zealand we are participating in two potentially transformational deepwater prospects off the South Island.
The Barque prospect, which we operate while we seek a farm-in partner, is New Zealand’s largest announced hydrocarbon prospect. We estimate it could hold 11 trillion cubic feet of gas and 1.5 billion barrels of oil or gas condensate liquid (best estimate, unrisked, in place across three horizons). This prospect alone could transform the national economy if it is successfully drilled with partners to help share drilling costs.
NEW ZEALAND'S OIL & GAS COMPANY
We understand the uniqueness of New Zealand’s lightly-explored environment, and as New Zealanders we bring our values of respect to managing it.