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Capital profit boosts NZOG

PA Wellington A listed oil explorer, New Zealand Oil and Gas, Ltd, has declared an interim profit before extraordinaries of $312,000 (last year $1,070,000) for the six months ended December 31.

Extraordinary losses of $lll,OOO (last year $111,000) were incurred in writing off preliminary expenses, but capital profits of $1,021,000 (nil) were made on the sale of investments.

All told, NZOG returned an interim profit of $1,222,000 ($959,000). Turnover, all investment income, was $1,478,000 ($1,303,000) and total shareholders’ funds at balance date were $22.67M ($25.14M). No tax was provided as NZOG has tax losses to carry forward. Petroleum prospecting

licences and exploration costs written off in the six months were $980,000 (last year $181,000). No dividend is proposed.

NZOG’s listed stablemate, Oil Fields, NL, has returned an interim loss before extraordinaries of $124,000 (last year a profit of $870,000) for the six months ended December 31.

But capital profits of $1,034,000 (nil) on the sale of investments brought Oil Fields a total interim profit of $910,000 ($870,000). Group turnover, all interest, was $1,029,961 ($1,168,550). No tax was provided as this company also has tax losses to carry forward. Costs written off were $940,531 ($191,249). No dividend is proposed.

The Oil Fields seismic and drilling programme is similar to that of NZOG.

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/CHP19860130.2.103.8

Bibliographic details
Ngā taipitopito pukapuka

Press, 30 January 1986, Page 24

Word count
Tapeke kupu
215

Capital profit boosts NZOG Press, 30 January 1986, Page 24

Capital profit boosts NZOG Press, 30 January 1986, Page 24

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