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New Zealand Oil & Gas hopes to release details of new investment "shortly" after announcing a full year profit of $97.2 million on spectacular revenue from its Tui oilfields.
Chief executive David Salisbury said the company was looking to grow but not for the sake of it.
"We have some projects which we would expect would come to fruition shortly and others we had screened out for a number of reasons."
NZOG had not bid for any onshore Taranaki acreage but was looking for exploration opportunities offshore in the province and overseas - believed to be in Australia and south Asia.
"What we are looking forward to is the Government opening up some offshore acreage because we think we'd have a much greater appetite for that. We are looking offshore, we're not looking just at New Zealand," Salisbury said.
During the past year the company had raised $190 million from shareholders which would help fund further projects.
The company was not forecasting revenue for the current year because of volatile oil prices and a fluctuating New Zealand dollar.
However, on yesterday's Tapis oil price and exchange rate, revenue would be about $170 million, given falling rates of production from Tui where the field's water content is increasing.
Revenue for the year rose to $234.1 million from a restated $4.2 million in the previous 12 months.
Net profit was $97.2 million on the back of production from the Tui oilfields off the Taranaki coast.
The result for the year to the end of June compares with a figure of $6.8 million the year before, restated for new accounting rules.
Earnings before interest, tax, depreciation, amortisation and royalties were $187.7 million, with total revenue from Tui of $222.8 million and a gain of $10.8 million from the float of Pike River Coal.
Production from Tui started on July 30 last year, with total production for the financial year at 14.2 million barrels, of which NZOG's share was 1.8 million barrels and the average net sales price just under US$100 ($142) a barrel, the company said.
NZOG achieved project "payback" - recovery of all exploration and development costs for Tui by December, just four and a half months from production start-up.
Royalties paid to the Government totalled $26 million on top of tax, including a carried forward deferral of $16 million.
After a dividend drought of a decade NZOG will pay a further 5c for the year on top of 5c announced in March. Shares closed down 4c at $1.58 yesterday.
