New Zealand Oil & Gas revenue up 18%

New Zealand Oil & Gas has reported an 18% increase in revenue for the year ended June 2023, reaching NZ$98.8 million.

The company experienced a 7% increase in production, with Mahato oil production seeing growth from development drilling.

Palm Valley gas production also increased by 49% after the successful tie-in of the PV-12 well.

Operating cashflows were NZ$32.5 million, up NZ$1.0 million from the previous year.

The company expects continued growth from Mahato, Kupe, and Amadeus developments.

Operating costs increased to NZ$35.1 million, primarily due to increased activity and the inclusion of 12 months of costs from the Amadeus Basin.

Net profit after tax was NZ$19.1 million, down from NZ$25.7 million the previous year, while net profit before income tax and royalties increased by 2.4% to NZ$27.2 million.

The company had NZ$36.4 million of cash at the end of June 2023.

Planned activities for the next financial year include drilling at Kupe, infill wells at Mereenie, exploration drilling in the Perth Basin, and ongoing development wells in the Mahato PSC.