New Zealand Oil & Gas Ltd (NZX: NZO) has re-developed a healthy nest egg.
The September quarter report showed the company increased its cash position by $4.4 million, taking its cash balance to $102.4 M.
Cash receipts from the Kupe gas and oil field was 44.7 M and receipts from subsidiary Cue Energy Resources Maari project, also in the Taranaki, and from Sampang in Indonesia totalled $7.5 M.
Net exploration payments by the company (NZOG) totalled $800,000 for the quarter, and this included adjustments and credits for the sale of equipment.
The company is a participant in the Kohatukai-1 exploration well on PEP 55768 in the onshore Taranaki which, since quarter end, has shown promising gas encounters and has reached its target depth.
NZOG’s 4% interest in the Kupe field, managed by Beach Energy, saw steady gas production throughout the three months, with solid LPG yields to meet growing demand.
NZOG said discussions were continuing with potential farm-in partners for the Clipper PEP 52717 licence, currently a joint venture with Beach Energy. Also in the Canterbury-Great South Basin, NZOG had received approval from regulators to acquire the share of PEP 55794 from Woodside Energy to hold a 100% interest.