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.
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Press, 30 January 1986, Page 24
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215Capital profit boosts NZOG Press, 30 January 1986, Page 24
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