July 14 (Reuters) – Explorer New Zealand Oil and Gas said on Wednesday the estimated reserves of the Kupe oil and gas field, in which it has a 15 percent stake, have been increased.
The oil and gas explorer said its share of the additional reserves has a sales value of nearly NZ$100 million ($71 million).
The review showed gas reserves increased by 8 percent, LPG reserves were higher by 5 percent and light oil reserves were up by 27 percent.
Shares in New Zealand Oil and Gas (NZO.NZ) last traded up 1.6 percent at NZ$1.29, having fallen around 23.2 percent so far this year, compared with a 6.3 percent fall in the benchmark top 50 .NZ50 index.
The Kupe field is 50 percent owned by Origin (ORG.AX), with state-owned power company Genesis Energy holding 31 percent, NZ Oil and Gas 15 percent, and Mitsui E&P Ltd 4 percent. ($1=NZ$1.39)