Posted on 26/08/2022
Net profit after tax of NZ$25.7 million, up from a loss of NZ$43.3 million last year. Annual production up 110% to 1.2 million barrels of oil equivalent. Revenue up 133% year on year to NZ$83.8 million. • Five wells drilled in FY22. Acquisition of Amadeus Basin assets provides entry into the strong Australian gas market. Growth set to continue in FY23 with up to six well recompletions and two development wells at Mereenie and 10 wells planned for Mahato.
HIGHEST NET PROFIT AFTER TAX FOR SEVEN YEARS
Strong performance from new producing assets and higher gas, oil and LPG prices contributed to a net profit after tax (NPAT) of NZ$25.7 million for New Zealand Oil & Gas in the year to 30 June 2022, up NZ$69.0 million, from a loss of NZ$43.3 million a year ago. The NPAT for the year attributable to New Zealand Oil & Gas shareholders was NZ$17.2 million, or 9.9 NZ cents per share. The result includes nine months contribution from the new Amadeus Basin assets acquired during the financial year.
This is the Group’s highest reported NPAT since 2017.