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Infrastructure

NZOG shares plunge as Ironbark disappoints

Gavin Evans
Tue, 29 Dec 2020

Gavin Evans
Tue, 29 Dec 2020
Shares in New Zealand Oil & Gas dropped by almost a third after the company said the Ironbark prospect it was drilling off Western Australia showed no significant hydrocarbons.“Bugger,” chief executive Andrew Jefferies said in a statement on NZX.“Ironbark was a world-scale prospect in a highly prospective address and it needed drilling. We got an answer, but it was not the one we wanted.”NZOG has a direct 15 percent interest in the venture. Its shares fell more than 31 percent to 51 cents, taking their loss this year...

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