NZOG's preliminary full-year report, presented to the New Zealand Stock Exchange late on Friday, announced a NZ$836,000 write-off for the unsuccessful offshore Taranaki Kiwi-1 well, and a NZ$1.1 million reversal of a former provision for impairment against investments.
But the company also said it was simultaneously progressing three major energy developments – the Kupe gas-oil field offshore south Taranaki (PML 38146), Tui Area oil fields (Tui, Pateke and Amokura in PEP 38460), and Pike River coal (West Coast, South Island). Final investment decisions on all three are expected before the end of 2005.
NZOG said it invested NZ$9.2 million during the year on these projects (NZ$5.5 million in 2004), “which are expected to provide substantial, long-term revenue and cash flow streams for the company”.
Total operating revenue was NZ$584,000, compared to NZ$14,461,00 for the previous period, with return on assets -3% (14%), return on equity -3% (17%), and debt-to-equity ratio 3% (6%).
Industry eyes will now be on NZOG’s 2005 annual report, due out on September 29, and its annual general meeting in Auckland on October 28.
