NZO 0.00% 45.0¢ new zealand oil & gas limited

h1 profit leaps to pay dividend reuters

  1. 822 Posts.
    NZ Oil and Gas H1 profit leaps, to pay dividend
    Tue Feb 26, 2008 5:51pm Market News

    (Reuters) - Energy company New Zealand Oil and Gas Ltd (NZO.NZ: Quote, Profile, Research) reported a jump in first half net profit on Wednesday due to its Tui oil field beginning production and said it would start paying a dividend.

    NZOG reported a net profit for the six months to Dec. 31 of NZ$41.4 million ($33.7 million), compared with a profit of NZ$0.5 million last year.

    Shares in the company last traded up 2.5 percent at NZ$1.22, having traded between NZ$0.86 and NZ$1.34 over the past year.

    NZOG said it would pay a dividend of 5 cents a share for the full financial year in mid-April.

    The company is a junior partner in Tui, and also the nearby Kupe field, and has interests in exploration permits for two areas.

    It also holds 35 percent of the Pike River Coal mine (PRC.NZ: Quote, Profile, Research), which floated in July last year and is due to begin production in the second half of 2008. (NZ$1=$1.23)

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