New Zealand Oil & Gas has earned $18.2 million from its share of 15% in the Kupe oilfield. It also earned $13.1 million from the Tui field and it ensured that it earned $31.3m from the quarter that ended in the month of June. The overall revenue for the year reached $99 million.

New Zealand Oil & Gas Chief Executive David Salisbury was very happy with the performance of the Kupe project. The Company also spent $11 million on oil exploration in the latest quarter.

The Company expects that revenue from the oilfield will increase in the coming quarters. It also expects that Tui oilfield will also do well in the coming times.

New Zealand Oil & Gas is also looking for partners for the Kaupokonui project in offshore Taranaki. It is hopeful of discovering more than 200 million barrels of oil from this location.

It confirmed that many Companies have already expressed interest in this project and a deal may be signed soon. It needs to sign an agreement and drilling a well in the next 12 months.

The Company also acquired a stake of 29.5% for a coal project. It revealed that while investments in Pike River were valued at $85 million, the market value of that stake was almost $120 million.