NZOG to release investment plans
http://www.nzherald.co.nz/section/3/...ectid=10529718
extract from the article
4:00AM Saturday August 30, 2008
By Grant Bradley
New Zealand Oil & Gas hopes to release details of new investment "shortly" after announcing a full year profit of $97.2 million on spectacular revenue from its Tui oilfields.
Chief executive David Salisbury said the company was looking to grow but not for the sake of it.
"We have some projects which we would expect would come to fruition shortly and others we had screened out for a number of reasons."
NZOG had not bid for any onshore Taranaki acreage but was looking for exploration opportunities offshore in the province and overseas - believed to be in Australia and south Asia.
"What we are looking forward to is the Government opening up some offshore acreage because we think we'd have a much greater appetite for that. We are looking offshore, we're not looking just at New Zealand," Salisbury said
Welcome to the Wonderful World of IFRS
There seems to be some confusion around the taxation of NZO and I thought that I should add to that :)
Firstly prior years results reported under GAAP can be very different from the IFRS equivalent and it is not safe to compare. (F'rinstance last year GAAP saw a tax expense of $400K, whilst the IFRS version has a $3,747K tax benefit :confused:).
But essentially the $41M dollars tax expense on page 1 is 'paid' by two separate
means. Firstly by using about $22M5 of tax benefit from previous full year losses and secondly by paying the remainder has real money to the IRD.
Going forward what tax benefits appear and for why I would not care to speculate but I am sure the accountants will be getting excited about them even now.
regards
Paper Tiger