latest production and tapis sales price update

The latest info posted on the NZOG website about production from the TUI field shows that about 100,000 barrels of oil has been produced in the last 7 days.

"Production Performance
Tui production began on 30 July 2007. Total production to 18 March 2009 is approximately 21.6 million barrels. NZOG's share of total production is approximately 2.7 million barrels.
FY2009 - Oil Production since 1 July 2008:

1 July 08 - 18 March 09: Approx 7.3 million barrels. NZOG's share of production approximately 915,000 barrels."

So that is roughly an average rate of about 14,285 bopd.
If that rate was maintained it would take 91 days to produce another 1.3 mmbo to take the total to 9.6 mmbo which is the updated anticipated total for the year.

As of the 18th March there were 104 to go till the end of the finaical year (June 30th) so it ought to be possible to reach that revised total with room to spare provided there are no circumstances to prevent that.


The Tapis price and related equivalent in NZ$'s in recent weeks is hown in this table :

"Tapis Benchmark Crude - the weekly average Tapis price per barrel:

Week ended Average Tapis Price $NZ Equivalent
13/03/09 US$47.49 NZ$90.46
06/03/09 US$48.31 NZ$96.14
27/02/09 US$46.63 NZ$93.09
20/02/09 US$47.14 NZ$92.12
13/02/09 US$49.50 NZ$94.99
06/02/09 US$46.96 NZ$90.99
30/01/09 US$48.31 NZ$94.91
23/01/09 US$46.01 NZ$86.81
16/01/09 US$47.43 NZ$86.74
09/01/09 US$48.23 NZ$81.50
02/01/09 US$39.83 NZ$67.99 "

The recent drop in NZ$ return down to NZ$90.46 is a reflection of the slight drop in the average Tapis but also more the result of a slight lift in the value of the NZ$ compared to recent lows against the US$.