NZ Oil and Gas 1H profit falls 47 percent as exploration costs almost double

Tue, 18 Feb 2014

Feb. 19 (BusinessDesk) - New Zealand Oil & Gas, which has interests in the Tui and Kupe fields, reported 47 percent decline in first half profits, as revenue growth was offset by a near doubling of exploration and evaluation costs. Net profit fell to $4 million in the six months ended Dec. 31 from $7.6 million a year earlier, the company said in a statement. Exploration and evaluation costs surged to $12.6 million in the period from $6.5 million a year earlier as the company ramped up its activity, weighing on the bottom line. The company d...

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