New Zealand Oil & Gas reported operating revenue of $33.7 million for the June quarter from its two offshore Taranaki developments, while for the year to June the figure was $106.5 million.
Tui oil sales were worth $15.1 million in the quarter and $40.2 million for the year, while from the Kupe operation the figures were $18.6 million and $66.3 million.
At Kupe production levels were slightly below expectations after a motor shaft on a gas compressor unit failed in early March, limiting daily gas production. Full capacity was restored in mid-July, NZOG said in its quarterly activities report yesterday.
Recently it told the market preliminary work at Tui indicated gross initial developed reserves recoverable from the existing four-well development would fall from 50.5 million previously reported to between 40 million and 42 million barrels. Chief executive David Salisbury said the change "reflects the challenges and risks of the oil exploration and production business".
Finding further opportunities in this country limited, NZOG is working to establish two new core areas in Tunisia and Indonesia.
