OPERATIONS

NZOG sinks on costs

SPIRALLING exploration costs and unrealised exchange rate losses have contributed to New Zealand Oil & Gas reporting a net loss of $NZ3.3 million ($A2.6 million) for the June 2010 financial year.

The company recorded $NZ30.7 million of exploration costs and $NZ8 million of unrealised exchange rate losses while its $NZ11.5 million share of Pike River Coal's losses also weighed down its net result....

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