NZOG buoyant despite US economy worries

New Zealand Oil and Gas says it had an outstanding December quarter.

While worries about the US economy triggered a flight from risk globally, the small New Zealand company operating in the traditionally risky area of oil and gas exploration and production was buoyed by a high oil price and by a key project coming on stream.

Its Tui development off the Taranaki coast produced 6.4 million barrels of oil in five months and had its reserves upgraded by 50 per cent.

That allowed NZOG to publish a cashflow statement for the three months to December 31 today that showed it had $60 million of cash at the end of the quarter.