New Zealand Oil & Gas Limited (AU:ECH) has released an update.
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New Zealand Oil & Gas Limited reported a robust increase in operating cash flow, rising 11% to NZ$36.1 million for the year, with a final dividend of 1.5 cents per share announced. Despite steady production levels, net profit was impacted by an NZ$11.5 million impairment related to the Kupe asset, resulting in a reduced NPAT of NZ$3.9 million. The company’s strategic acquisition of a further 25% interest in the Mereenie field is expected to bolster future cash flows, backed by favorable gas supply contracts.
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