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NEW ZEALAND OIL & GAS LIMITED - ASX: NZO
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Description
Tui Area Oil Fields
The Tui Area Oil Fields are located in the offshore Taranaki basin, New Zealand, approximately 50km off the coast in water depth of about 120m. Production began on 30 July 2007 - just 4½ years after discovery, and 20 months after the investment decision was taken. Tui was New Zealand's first stand-alone offshore oil development.
Oil Production Performance to date for FY2010
1 July 09 - 7 March 10: Approximately 3.58 million barrels; NZOG's share approximately 450,000 barrels.
The current daily production target is around 13,000 barrels of oil.
Tui production began on 30 July 2007. Total oil production to 7 March 2010 is approximately 26.92 million barrels. NZOG's share of total production is 3.36 million barrels.
FY2008 - Oil Production 30/7/07 to 30/6/08: 14.23 mmbbls
FY2009 - Oil Production 1/7/08 to 30/6/09: 9.12 mmbbls
Kupe (15%)
Kupe is a gas and light oil/condensate field that lies in the offshore Taranaki basin, New Zealand, approximately 30km off the coast in water depth of about 35m. Production from the field commenced on 4 December 2009. NZOG has entered into a long-term gas sales agreement with Genesis Energy for its share of Kupe gas. Genesis Energy is a state owned electricity generator and retailer, and gas wholesaler and retailer, and a 31 per cent partner in the Kupe project. NZOG has entered into a long-term sales agreement with Vector Ltd for its share of Kupe LPG. Vector is a publicly listed gas and electricity network company. NZOG's share of the Kupe light oil/condensate will be exported.
Pike River Coal (30%)
A former subsidiary of NZOG, Pike River Coal Ltd (PRC) became a separately listed company on the NZX and ASX following a successful initial public offering (IPO) in July 2007. NZOG retained an interest as the largest shareholder. NZOG's current shareholding in PRC is 102,637,600 shares (29.5% of issued capital). NZOG also has 17,266,132 options (exercisable on or before 24 April 2011 for NZ$1.25 per share). NZOG has two directors on the seven-person Pike River board.
Pan Pacific Petroleum (15%)
In December 2008, NZOG acquired a strategic stake of 15% in Pan Pacific Petroleum (PPP), one of NZOG's partners in the Tui area oil fields. PPP is an Australian-based E&P company. NZOG identified a value creating opportunity to acquire a cornerstone shareholding in a successful business, whose main asset is well understood by NZOG. In June 2009 NZOG received a dividend payment of NZ$3.3m from PPP.
Mine For
oil, gas
Location of operation(s)
New Zealand
Address
Level 20 , 125 The Terrace
WELLINGTON, , NEW ZEALAND
Phone
(64 4) 495 2424
Website
Last Updated
09/03/2010
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.