Sentia, royalties for oil and gas are levied differently from accounting taxes. This below may help your calcs.
NZOG's share of the devpt costs is US$34M. Add to this perhaps some drilling costs for Hector etc, so perhaps US$37-8M. These are 100% deductible at the beginning of the project.
Therefore for the first US$37-8M of revenue from the project, just assume a NIL royalty rate, then go at 20% after that, with an ongoing deduction of US$10 a barrel for your operating costs.
Profit versus cashflow for NZOG will look very different at the beginning. There will be a lot of deductions for company tax that may not have a cash effect (as the cash was spent long ago). I would focus more on the cashflow that will sit on their balance sheet as that is where the real value is.
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