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NZOG sinks amid early signs that Hoki-1 looks dry

Friday 16th April 2010

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New Zealand Oil & Gas shares have fallen this afternoon on notification that the Hoki-1 well has entered the target zone with no sign of hydrocarbons.

The wild-cat well in the offshore Taranaki Basin reached a depth of 3428 metres this morning, with a target depth of 3570 metres. NZOG shares were off 2.5% to $1.57 at the close of trading today.

"The Hoki-1 well intersected the target North Cape Formation sands overnight, but these were not associated with any indications of hydrocarbons," the company said in a statement the to NZX.

"That was a bit of duster" for NZOG today, said Paul Harrison, who helps manage $300 million of New Zealand shares at BT Funds Management.

The Kan Tan-IV oil rig will move from Hoki to drill at least two wells in the vicinity of the successful Tui oil fields. Hopes of further commercial finds are high.

Participants in Hoki-1 are AWE (operator), NZOG (10%), OMV New Xealand (21.15%, and Todd Petroleum Mining (18.75%).

Businesswire.co.nz

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Get quotes for New Zealand Oil & Gas Limited Ordinary S (NZO)

NZX Annoucements for NZO

9 Feb 2012	BUYBACK: NZO: NZOG Buy-Back of Ordinary Shares
8 Feb 2012	BUYBACK: NZO: NZOG Buy-Back of Ordinary Shares
7 Feb 2012	BUYBACK: NZO: NZOG Buy-Back of Ordinary Shares
3 Feb 2012	BUYBACK: NZO: NZOG Buy-Back of Ordinary Shares
2 Feb 2012	MEETING: NZO: Notice of Special Meeting
2 Feb 2012	BUYBACK: NZO: NZOG Buy-Back of Ordinary Shares
1 Feb 2012	BUYBACK: NZO: NZOG Buy-Back of Ordinary Shares
31 Jan 2012	QUARTER: NZO: NZOG December 2011 Quarterly Activities Report
31 Jan 2012	QUARTER: NZO: NZOG December 2011 Quarterly Cash Flows Report
31 Jan 2012	BUYBACK: NZO: NZOG Buy-Back of Ordinary Shares
26 Jan 2012	GENERAL: NZO: PRCL impairment
20 Jan 2012	BUYBACK: NZO: NZOG Buy-Back of Ordinary Shares
19 Jan 2012	DIRECTOR: NZO: Director retirement
19 Jan 2012	RELINT: NZO: Ongoing Disclosure Notice
19 Jan 2012	ALLOT: NZO: Issue of Securities - Employee Share Plan
19 Jan 2012	BUYBACK: NZO: NZOG Buy-Back of Ordinary Shares
18 Jan 2012	BUYBACK: NZO: NZOG Buy-Back of Ordinary Shares
17 Jan 2012	BUYBACK: NZO: NZOG Buy-Back of Ordinary Shares
16 Jan 2012	BUYBACK: NZO: NZOG Buy-Back of Ordinary Shares
12 Jan 2012	BUYBACK: NZO: NZOG Buy-Back of Ordinary Shares
11 Jan 2012	BUYBACK: NZO: NZOG Buy-Back of Ordinary Shares
10 Jan 2012	BUYBACK: NZO: NZOG Buy-Back of Ordinary Shares
9 Jan 2012	BUYBACK: NZO: NZOG Buy-Back of Ordinary Shares
6 Jan 2012	BUYBACK: NZO: NZOG Buy-Back of Ordinary Shares
5 Jan 2012	BUYBACK: NZO: NZOG Buy-Back of Ordinary Shares