NZ Oil & Gas annual profit falls 61% as exploration costs surge

Mon, 25 Aug 2014

By Tina Morrison Aug. 26 (BusinessDesk) - New Zealand Oil & Gas, which has interests in the Tui and Kupe fields, posted a 61 percent drop in annual profit, reflecting a "sharp" increase in exploration costs and some foreign exchange losses on its US dollar holdings. Profit dropped to $10.1 million, or 2.4 cents a share, in the 12 months ended June 30, from $25.9 million, or 6.5 cents, a year earlier, the Wellington-based company said in a statement. Revenue rose 4 percent to $103.6 million. The oil and gas explorer said its exploration...

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