GAS

NZOG profit drops but result solid: Salisbury

NEW Zealand Oil & Gas has posted a "very solid" performance for the June 2009 financial year – a net profit of $NZ53.2 million (about $A43.1 million), down about 45% on the record result of $NZ97.2 million for the previous 12 months.

NZOG this morning said that despite the profit plunge, the result was the second best in the company's 20-year history. As expected, declining production from NZOG's main producing asset, the offshore...

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