NZOG takes $5mln uplift for historical royalties

Tue, 01 Jul 2014

By Pattrick Smellie July 1 (BusinessDesk) - New Zealand Oil & Gas has completed protracted negotiations over historic royalties owed by Genesis Energy on its share of the Kupe oil and gas field's production, giving the company a one-off $5 million after tax lift to earnings in the current financial year and an expected increase in ongoing revenue of between $1 million and $2 million a year. The company continues to negotiate the over-riding royalty issue with Origin Energy, the other major stakeholder in Kupe. The royalties issue origi...

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