New Zealand Oil & Gas Ltd (NZX: NZO) has told shareholders in its FY2018 annual report that it has been a scaled-down scenario following the sale of two major producing assets over 2017-18.
The most important activity had been the change to having the Ofer Global Group as its major new shareholder.
The task ahead, according to chairman Samuel Kellner and CEO Andrew Jefferies, was to pursue acquisitions while progressing “potential transformational exploration opportunities."
Commenting on exploration outside of New Zealand, the company (NZOG) said the substantially owned Cue Energy Ltd (ASX: CUE) was now covering its costs, and the Ironbark prospect on Australia’s North West Shelf was seen as “potentially enormous.”
Cue has into agreements for exploration with BP and Beach Energy Ltd (ASX: BPT).
Directors said the Kupe offshore project in the Taranaki was generating cash with upside and, while the investment by NZOG was seen as small, it is “a reliable earner sufficient to cover out head office costs.”