New Zealand Oil & Gas posted a full-year profit of $19.9 million as it puts behind it the disastrous foray into the Pike River coal project that saw it plunge to a $76.5 million loss the previous year.
The result reflects a comparatively simple year in cash-flow terms, with $116.4 million received from its share of revenue from Kupe ($74.3 million) and Tui ($42 million), the two producing oil fields in which it holds interests.
While revenue was slightly below forecasts from brokerage Forsyth Barr, earnings before interest and tax of $63.6 million were just ahead of the forecast of $64.7 million. Shares of NZOG fell 0.6 per cent when the NZX opened this morning, trading at 83.5 cents.
NZOG continues to pursue opportunities in Indonesia and Tunisia, although the first prospect of oil production in either territory is in 2014, if a decision later this year gives the go-ahead to drilling in the Tunisian Cosmos licence.
Directors declared a 6 cents per share fully imputed dividend, payable September 28, with an ex-dividend date of September 14. Shareholders can opt to take their dividends as shares under a dividend reinvestment plan.