New Zealand Oil & Gas Ltd
(ASX:NZO) has announced a further upgrade in developed reserves in the Kupe gas and light oil field on the north island of New Zealand.
The company says that, as a result of reservoir modelling there has been a further increase in 2P developed reserves of 15.29%.
The oil and gas company also says that the upgrade includes an extra 3.6 petajoules of gas and 16.69 km of LPG compared to 2P developed reserves at 31 December 2015.
Chief Executive, Andrew Knight, says that this is “positive news” and that the reserves increase will provide “further security that contracted volumes can be met without needing significant additional capital”.
New Zealand Oil & Gas reported a net loss of $42.39 million at 31 December 2015.
