NZOG posts $2.9m loss despite improved Kupe, Maari performance

Mon, 26 Aug 2019

By Gavin Evans Aug. 27 (BusinessDesk) - New Zealand Oil & Gas has reported a $2.9 million full-year loss with improved production from its Kupe and Maari interests insufficient to offset exploration losses in the first half. The firm, currently under a takeover offer from its major shareholder, reported a $4.8 million profit a year ago. Excluding the minority holdings in its Cue Energy Resources subsidiary, this year’s loss to NZOG shareholders was $7.5 million. NZOG reported a 21 percent increase in group revenue to $43.3 million in t...

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