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New Zealand Oil and Gas has appointed new chief executive David Salisbury to its board of directors. NZOG, 61 per cent owner of West Coast coal-mining company Pike River Coal, said Salisbury had returned to New Zealand from Austria, where he was responsible for oil exploration company OMV's worldwide business and development. He took up the position at the start of April.
"While we have a strong focus on our development assets, we are also looking widely at growth opportunities," Salisbury said. "NZOG is committed to a near-term aggressive drilling programme aimed at increasing existing reserves." NZOG has a 15 per cent stake in the offshore Kupe field, New Zealand's second-largest gas field under development, and a 12.5 per cent stake in the offshore Tui field, which is expected to begin production later this year.
Shares in NZOG yesterday were down 2c, or 2 per cent, at 97c, having traded between 85.6c and $1.15 in the past year.
