Shares in New Zealand Oil & Gas, the Wellington-based oil explorer are climbing after the company hinted at a ''material'' upgrade in the size of Kupe, its principal field.
This morning the NZX-listed company said preliminary results from a reserves review of the gas and oil field by operator Origin Energy suggested its estimated reserves should be increased.
Kupe, which lies 30 kilometres off the Taranaki Coast, accounts for 70 per cent of NZOG's revenues and 90 per cent of its proven reserves.
Spokesman Chris Roberts would not discuss the scale of the possible increase, but said preliminary figures from Origin suggested a significant increase, leaving the NZOG concerned that it had to inform the market.
Stuff.co.nz
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