NZ Oil and Gas back to profit after Pike River disaster

Tue, 21 Aug 2012

Aug. 22 (BusinessDesk) - New Zealand Oil & Gas has returned to profitability for the year to June 30, bouncing back to a 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 for...

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