Tui writedown turns NZOG to a first-half loss

Tue, 17 Feb 2015

By Suze Metherell Feb. 18 (BusinessDesk) - New Zealand Oil & Gas, the exploration company, turned in a loss in its first half after the global drop in oil prices saw it recognise a $13 million write down on its Tui oil field. The Wellington-based company reported a loss of $10.5 million in the six months ended Dec. 31, from a profit of $4 million a year earlier, it said in a statement. Sales rose 5.2 percent to $54.1 million, largely driven by its ownership of a larger stake in Tui, purchased in the last year, and stability in gas prices...

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