NZ Oil & Gas (NZO)

[Mr Tommy]

3 cent interim dividend in HY13
3:21pm, 1 Mar 2013 | HALFYR

Shareholders in New Zealand Oil & Gas will receive a fully imputed interim dividend of 3 cents per share.

With its producing assets continuing to perform as expected, the company today announced net profit after tax of $7.7 million for the six months to 31 December 2012, up from $1.7 million in the corresponding previous six month period. [All figures in NZD].

A trading halt was requested on Thursday because NZOG recognised that decisions relating to expensing its Cosmos assets produced a result materially different to expectations.

The company's two producing assets, Kupe and Tui, contributed net operating cashflows of $25.2 million for the six months, compared to net operating cashflows of $26.5 million in the prior year.

The $6.0 million increase in net profit after tax is largely a result of changes in two net finance cost items: The prior period included impairment losses relating to Pike River Coal Limited, while the strengthening New Zealand dollar resulted in a fall in the value of USD holdings.

The company has also fully expensed its investment in the Cosmos South development plan in Tunisia. NZOG's assessment of the current development plan for the project does not meet the company's investment criteria and on that basis NZOG would not proceed.

Earnings before interest, tax, depreciation, amortisation and exploration (EBITDAX) were $27.9 million ($33.0 million in the comparable six months to December 2011.)

New Zealand Oil & Gas ended the period with a net cash position at 31 December of $171.0 million.

The half-year result was achieved despite a scheduled maintenance shutdown at the Kupe production facility in October, which reduced revenue for the period to $47.9 million ($54.6 million in the six months to 31 December 2011.) Revenue reductions were largely offset by savings in amortisation, which is based on the Kupe field's production profile.

The company has decided to move to paying its dividend in interim and final stages.

Shareholders at 15 March 2013 will receive a fully imputed interim dividend of 3 cents per share, which will be paid on 5 April 2013.

Shareholders can reinvest dividends free of brokerage charges through the company's dividend reinvestment programme, but a discount previously offered through the plan will no longer be applied.

Operating Performance
New Zealand Oil & Gas has a 15 per cent interest in the Kupe gas and oil field. Kupe contributed $31.2 million in revenue in the six month period. The company's share of Kupe production for the period was 1.3 PJ of sales gas; 5,323 tonnes of LPG; and 112,976 barrels of light oil.

The Tui area oil fields contributed revenue of $16.6 million in the six month period for the 12.5 per cent stake held by New Zealand Oil & Gas. The company's share of Tui production for the period was just over 114,000 barrels of oil.

Portfolio development
During the half year, New Zealand Oil & Gas significantly stepped up activity.

It acquired interests in four new offshore Taranaki permits - one through the Government's 2012 Block Offer, and three in a deal with Octanex NL. Exploration drilling in one of those, the Matuku prospect offshore from Taranaki, will begin in the coming drill season. New Zealand Oil & Gas also acquired an onshore Taranaki prospect in the Block Offer.

In October New Zealand Oil & Gas farmed out the Kaheru permit it operates, where drilling will also begin in the coming 2013-14 drill season.

Drilling has begun in the Kisaran Production Sharing Contract in onshore Sumatra, Indonesia, where NZOG has a 22.5% interest.

[Xerof]

It's not 4 pm yet....that was the last advice they gave

right now it opens at 92.5/93, with all trades at 93.

that will certainly change during the pre-open after the announcement, news dependent on good/bad.

it's therefore a perfectly priced market - no change, until there is change

oh, a little dated - the trading halt's about to come off

[Mr Tommy]

So plug pulled on Cosmos, have they also given up in Tunisia ?

[Xerof]

Sorry, main course is ruined, but here, have a lolly instead.......

[Balance]

If this turns out to be about the Cosmos junket, the pet project of Dr. Spin aka D. Salisbury, then you can add another few millions of wasted monies to that long list of nonsense this co. has indulged in the last few years.
What a useless 5 years his term turned out to be for nzo although not for him.
Often pointed out on this forum.
Slow learners the lot of them, they sure now how to pick-em!

US$3m down the gurgle.

But fear not, NZOG has spent a lot of time and effort on assessing Tunisia - http://www.nzog.com/tunisia

More investments into Tunisia in the future.

Otherwise, the US$3m plus probably US$1m of expenses etc would have been better used to buy expensive gifts for the Directors. Oops, I mean shareholders.

[Balance]

Sorry, main course is ruined, but here, have a lolly instead.......

More like, have a jelly bean instead.

[neopoleII]

after my last pessimistic post, and then reading the release, im actually quite happy.
i might even take up the 3cents as a drip ......
it seems the board is listening to it shareholders and that is all i ever asked for..... as well as divis ..... better than bank rates...... which is now happening.

it seems diggers vote of confidence ( or opportunity for the new ceo to prove himself) is a good vote.
and it seems now that the drip is worth going for now also.
obviously there are still serious issues to sort out and wealth to rebuild after the huge hemorrhage of the last few years...........
and it seems a positive air of change is happening.
too late for some... yes.
rewarding for others ...yes.
but possibly a new beginning and hope for others.
i have no problem admitting that i have been critical of past happenings and certain board members and directors which have cost me and many other shareholders a great deal,
but if they recognize and change their direction or mindset to better Serve their shareholders/ owners....... then that has to be congratulated.
even though we the SHers all suffered severely.
one thing i do believe in is...... you cant change the past...... but you can learn from it.
and if you learn and change the present and the future, then there is hope......

so i hope anyway.

[Balance]

after my last pessimistic post, and then reading the release, im actually quite happy.
i might even take up the 3cents as a drip ......
it seems the board is listening to it shareholders and that is all i ever asked for..... as well as divis ..... better than bank rates...... which is now happening.

it seems diggers vote of confidence ( or opportunity for the new ceo to prove himself) is a good vote.
and it seems now that the drip is worth going for now also.
obviously there are still serious issues to sort out and wealth to rebuild after the huge hemorrhage of the last few years...........
and it seems a positive air of change is happening.
too late for some... yes.
rewarding for others ...yes.
but possibly a new beginning and hope for others.
i have no problem admitting that i have been critical of past happenings and certain board members and directors which have cost me and many other shareholders a great deal,
but if they recognize and change their direction or mindset to better Serve their shareholders/ owners....... then that has to be congratulated.
even though we the SHers all suffered severely.
one thing i do believe in is...... you cant change the past...... but you can learn from it.
and if you learn and change the present and the future, then there is hope......

so i hope anyway.

TR says thank you for your vote of confidence.

NZOG will be buying back Pike River mine and this time, will make sure Peter Whittall adheres to strict safety guidelines and rules.

[neopoleII]

as you know balance... im one of the biggest critics of tr,,,,,,,,, i dont like him or his elephant dreams at the expenses of shareholders.
but....... things are changing and it is ......... as of lately turning around....... and im not discounting the last few years.

the last few years...... if it was 1940's europe..... someone would of stood against a wall and caught a bullet.
but its modern day NZ now and modern day shareholders are slowly but surely making their voices heard.

tr needs to or should be forced into retirement........ that i agree with you balance....... for a long time.

the sad thing is.......... you didnt buy a controlling share of NZO and push him out.
which means your just a minnow shareholder just like the rest of us with an opinion.
so to be fair....... you must see that tr's control is weakening and things are turning positive.

fair statement?????

[arjay]

your just a minnow shareholder just like the rest of us

Balance is a shareholder????