New Zealand Oil and Gas Ltd has released its financial report, which shows a 30% increase in their first-half profit of the financial year.

The results reflect a strong balance sheet, positive operating cash-flows and no debt for the oil and gas supplier.

However, the minority stakeholder in the Tui oil field expects lower figures in the second half, due to a downturn in oil prices and Tui production trending lower as assumed.

Chief executive David Salisbury reassured shareholders the company is determined to build further value and will not be taking undue risks.