With 100% revenue coming from its share in Taranaki oil and gas fields, and expectations of Indonesian oil and gas production by the end of next year, NZOG is expecting the delivery of processed seismic data from its Clipper and Galleon prospects next month.
Seismic data collation remains the main focus of companies still showing an interest in the frontier Great South Basin.
Oil fields services group Schlumberger applied for a massive 440,000sq km prospecting permit a month ago and Texas-based Anadarko has to decide within a fortnight to announce a drill date for a prospect 60km north of Dunedin or drop its permit.
Ship-borne seismic data was collected last summer from NZOG'S Clipper and Galleon prospects, off the coast from Oamaru and the Toroa prospect, south of Dunedin, is scheduled for a 3-D ship-borne seismic survey covering 1100sq km during the first half of next year.
NZOG yesterday delivered its results for the quarter to September, booking total revenue of $26.8 million from its Tui and Kupe fields in Taranaki and holding a cash balance of $130.6 million, compared with $166.7 million on hand a year ago. It has no outstanding debt.
NZOG is scheduled to be in Dunedin for an investor briefing in late January.
Craigs Investment partners broker Peter McIntyre said investors ''will be watching with keen interest'' the forthcoming evaluations from the Great South Basin and whether NZOG will pursue further exploration in the area.
''At the moment Taranaki is the cash cow, but Indonesia is gathering momentum and NZOG seems confident of the prospects it's looking at there,'' Mr McIntyre said.
He did sound a note of caution about the current soft global price of oil, up slightly at $US86 ($NZ108) a barrel yesterday.
''With the falling oil price, there will be some projects around the world whose viability could come under threat,'' Mr McIntyre said.
Total cash held at the end of the September quarter was down from $137.07 million the previous quarter to $130.6 million.
Mr McIntyre said NZOG's ''cash burn'' on exploration was ''as expected'', but it had to persevere with exploration in Indonesia.
NZOG had noted that it estimated production well rates could be ''hundreds of barrels per day'' for up to two years before tapering off.
NZOG's quarterly report said its Indonesian drilling results were expected to be ''variable'' and it did not have ''sufficient certainty'' to publish estimated resource figures, which had to be compliant with the oil and gas sector's guidelines.
