NZOG running hot in latest report

Energy explorer New Zealand Oil & Gas (NZOG) reported a net profit of $2.25 million for the half year ended December - up from a net loss of $1.41 million the previous year.

Operating revenue surged to $4.02 million, from $319,000. NZOG said this included interest income of $1.3 million and a $2.5 million gain from reducing its stake in the Pike River Coal Company.