New Zealand Oil & Gas Ltd. (NZO), the country's biggest publicly traded explorer, reported an 11 percent decline in first-quarter sales as prices eased and production slowed from its Tui oil field.
Revenue fell to NZ$72.3 million ($39 million) in the three months ended Sept. 30, from NZ$80.9 million in the three months through June, the company said in a statement to the New Zealand stock exchange. Production from the offshore Tui field fell to 3.15 million barrels from 3.77 million.
N.Z. Oil & Gas owns 12.5 percent of Tui, drilled in July 2007 as the country's first offshore oil development in 11 years. The Wellington-based explorer is seeking new projects to replace the field's output and invest a growing cash pile from it.
The company had NZ$286.4 million of cash on its books at Sept. 30 up from NZ$280 million at July 31.
Sales declined as world oil prices fell faster then the New Zealand dollar. Tapis crude oil, the pricing benchmark for Tui's output, averaged $123.63 a barrel in the period, from $129.43 in the preceding quarter. It was at $62.96 on Oct. 24.
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