NZOG to use cash buffer to keep ‘competitive dividend’

Mon, 28 Oct 2013

Oct. 29 (BusinessDesk) - New Zealand Oil & Gas, which has interests in the Tui and Kupe fields, will lean on its cash reserves to maintain a “competitive dividend” as it ramps up exploration. The company paid investors 6 cents per share in the last financial year, and expects its near $167 million cash reserves as at Sept. 30 will let it maintain that level of dividend while funding an annual spend of US$35 million on exploration, chief executive Andrew Knight told shareholders at today’s annual meeting in Wellington. “We have enough cash...

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