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NZOG reports full year loss
August 26, 2010 - 8:04AM

NZPA

New Zealand Oil & Gas has reported a full year net loss of $NZ3.3 million ($A2.63 million), compared to a $NZ53.2 million ($A42.32 million) profit a year earlier, after exploration costs ate into earnings.

None of the four offshore Taranaki exploration wells in which the company participated during the past year had made commercial discoveries, NZOG said on Thursday.

The bottom line result for the year to June was affected by $NZ30.7 million ($A24.42 million) of exploration costs being expensed, unrealised exchange rate losses of $NZ8 million ($A6.36 million), and an $NZ11.5 million ($A9.15 million) share in the loss of associate company Pike River Coal.

Revenue for the year fell 28 per cent from year earlier to $NZ99.4 million ($A79.07 million), while the normalised profit after tax was $NZ13.8 million ($A10.98 million) -- adjusted for the foreign exchange and Pike losses -- down from $NZ54.5 million ($A43.35 million) a year earlier.

With good current and forecast cashflows from the Kupe and Tui developments in offshore Taranaki, and sufficient imputation credits available, a fully imputed dividend of 5c per share would be paid, NZOG said.