NZ Oil and Gas has $162 million to add oil and gas reserves

Mon, 29 Oct 2012

Oct. 30 (BusinessDesk) – New Zealand Oil & Gas, the nation’s largest listed oil explorer, says it has about $162 million in cash available to acquire more oil and gas reserves. “We have set an exploration target of 3-5 wells each year with an expected cost in the order of $35 million US dollars,” chief executive Andrew Knight told shareholders at their annual meeting in Wellington. “This is an ambition for 2017 rather than a firm boundary and some years we will be able to invest more, some years less.” He singled out the Kakapo prospect off...

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