NEW ZEALAND OIL & GAS ANNUAL RESULT FOR THE YEAR TO 30 JUNE

New Zealand Oil & Gas (NZOG) has reported a net profit after tax of NZ$25.7 million for the year to 30 June 2022, up from a loss of NZ$43.3 million a year ago.

Revenue for the year increased 133% to NZ$83.8 million and production increased 110%, to 1.2 million barrels of oil equivalent.

NZOG also acquired assets in the Amadeus Basin, providing entry into the strong Australian gas market, and plans up to six well recompletions and two development wells at Mereenie, and 10 wells at Mahato for FY23.