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New Zealand Oil and Gas said yesterday that progress on its Pike River coalmine was slower than expected due to variable rock conditions.
Contractors McConnell Dowell had advanced 172m of the total length of 2300m since beginning tunnel excavation in September last year, NZ Oil and Gas said in its December quarter report.
"At this stage first coal is still on schedule for the December 2007 quarter, however this is dependent on the actual geological conditions encountered," executive chairman Tony Radford said.
NZOG will register a prospectus in February for the Pike River capital raising and sharemarket float.
All three independent directors of Pike River Coal quit the board in December after 61 per cent owner NZOG took control of the public listing, which has been delayed several times.
- NZPA
