New Zealand Oil & Gas (ASX: $NZO) special dividend declaration

New Zealand Oil & Gas (ASX: $NZO) has declared a special dividend of AUD 3 cents per ordinary share, returning A$6.7 million to shareholders. The dividend, not imputed or franked, will be paid on 10 April 2024 to NZO ordinary shareholders on record at 27 March 2024. The company's strong cashflows and robust balance sheet position it to efficiently manage its capital requirements and return profits to shareholders.

Executive Commentary on Dividend Declaration and Policy Adoption

It's great to announce a dividend of A$6.7 million. Our investment in subsidiary Cue is paying dividends, and I am pleased that we will be passing this on to our NZO shareholders. The introduction of a dividend policy indicates the Board's ongoing support of returning a portion of future cashflow to shareholders, where it makes financial sense.

Summary of NZO's Special Dividend Declaration and Outlook

New Zealand Oil & Gas (ASX: $NZO) has declared a special dividend of AUD 3 cents per ordinary share, underpinned by strong cashflows in the Group, returning A$6.7 million to shareholders. The company's robust balance sheet, positive cashflow generation, and introduction of a dividend policy demonstrate its commitment to efficiently manage capital use and return profits to shareholders. With a 44% increase in operating cashflows from the same period last year, NZO's assets continue to perform strongly, positioning the company for future growth and sustained returns to its shareholders.