He told an ABN Amro investors meeting in Auckland on Wednesday that NZOG's 139 million $NZ1.50 ($A1.20) options expiring on June 30 could offer the company an opportunity to pursue these plans.

While holders had so far only exercised their rights to purchase about 4.2 million of those options, if all options were exercised that would mean a capital injection of about $NZ208 million.

Salisbury added that NZOG's 2012 targets were to increase reserves from 14.1 million barrels of oil equivalent to at least 25 MMboe and to increase production from the current 1.6MMbbl to at least 2MMbbl per year.

"NZOG is screening all available New Zealand opportunities, as well as looking further afield, for the new investments that will be announced in due course," he said.

Salisbury was also upbeat about the company's performance on the stock markets, saying there was increased analyst coverage of NZOG, with the latest valuations giving a share price of $NZ1.73 to $NZ2.18.

NZOG shares were trading at about $A1.24 on the Australian Securities Exchange and about $NZ1.59 on the New Zealand Exchange this morning.