NZOG narrows first-half loss in lead-up to $168 mln Kupe sale

Tue, 28 Feb 2017

By Paul McBeth March 1 (BusinessDesk) - New Zealand Oil & Gas narrowed its loss in the final six months of 2016, just before the $168 million sale of its stake in the Kupe oil and gas fields, cutting almost a third of its operating costs, and halving exploration expenditure. The Wellington-based company posted a loss attributable to shareholders of $18 million, or 7.7 cents, in the six months ended Dec. 31, down from a loss of $27.6 million, or 7.9 cents, a year earlier. The loss included a further $7.7 million impairment charge on the M...

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