NZ Oil & Gas posts $6.2 mln loss, higher oil production offsets lower prices

Wed, 26 Aug 2015

By Pattrick Smellie Aug. 27 (BusinessDesk) - New Zealand Oil & Gas ramped up production during the year to June 30 to offset the sharp decline in world oil prices, turning in a net loss of $6.2 million, compared with a profit of $10.1 million the previous year. Revenue of $116.2 million was up $12.6 million on the year, some $11.1 million of that reflecting the consolidation into NZOG's accounts of Cue Energy, the Australian oil and gas minor that the Wellington-based company acquired in a hostile takeover bid during the year. A major...

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