Debt-free NZ Oil and Gas will use cash buffer as it hunts for oil

Tue, 27 Aug 2013

By Jonathan Underhill Aug. 27 (BusinessDesk) – New Zealand Oil & Gas says its balance sheet is strong enough to give the company a few more years to find oil to replace declining output from the Kupe and Tui fields. NZOG had $158 million of cash at June 30 and no debt, according to the company’s annual results, which showed production from its two producing assets fell to 1 million barrels of oil equivalent from 1.1 million barrels a year earlier. That means it has cash to invest in exploration and continue to pay dividends in the near term,...

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