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NZOG Delighted With Elevation To Top 15 Index

Fuseworks Media
Fuseworks Media
NZOG Delighted With Elevation To Top 15 Index

8 December 2008 - New Zealand Oil & Gas Ltd says its elevation to the NZX15 index is welcome recognition of the company's strong growth and performance.

The New Zealand Stock Exchange has announced that New Zealand Oil & Gas Ltd will replace Nuplex Industries in the NZX15 Index, effective from 5 January 2009.

The NZX 15 Index comprises the securities of the largest and most liquid companies quoted on the NZSX market. The NZX Equity Indices are the primary benchmarks for the New Zealand sharemarket, and are widely used by investment professionals and the general public.

Chief Executive David Salisbury says NZOG is New Zealand's foremost listed petroleum exploration and production company, with a portfolio of significant production, development, exploration and investment assets.

"In 2008 we have successfully raised $190 million through the exercise of options - the year's biggest capital raising on the NZX; announced an annual profit of $97.2 million; and rewarded shareholders with two 5c per share dividends. We retain a very healthy cash balance, have no debt and we are actively pursuing new growth opportunities."

The international oil price has fallen rapidly from the record highs seen mid-year, but David Salisbury says this is actually opening up opportunities for NZOG.

"Those who hold worthwhile assets but are over extended, reliant on debt or equity funding, or in some other way needing assistance to complete their projects, are finding it tough. Price expectations are lowering and industry consolidation is starting to happen and is likely to gather pace. It is a time of opportunity to create greater wealth for shareholders and we are looking to use our strong position to secure attractive new ventures," David Salisbury said.

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