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NZ Oil & Gas says Tui reserves lifted

Jonathan Underhill

Friday 20th June 2008

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New Zealand Oil & Gas (NZOG) says reserves at the Tui Area Oil Fields have been increased for a second straight month after an assessment by the operator.

NZOG, which has a 12.5% interest in the field, says its share of the additional reserves is 400,000 barrels, with a gross value of NZ$70 million.

AWE is the operator of the field and largest participant, with 42.5%. Mitsui E & P Australia Pty has 35% and Pan Pacific Petroleum NL has 10%.

The field is forecast to produce 14.2 million barrels in the year ending June 30, with daily output this month averaging 42,500 barrels.

The participants plan another development well and several exploration wells for the permit area in early 2010, NZOG chief executive David Salisbury said in a statement today.

Shares of NZOG, a Wellington-based oil and gas explorer and producer, have gained more than 50% this year. They last traded at NZ$1.56.


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