NZ Oil and Gas says first Kupe gas in Q4

WELLINGTON, June 12 (Reuters) - The first natural gas from New Zealand's Kupe field is expected in the fourth quarter of this year, NZ Oil and Gas Ltd (NZO.NZ) said on Friday.

It said the offshore field's operator Origin Energy (ORG.AX) had advised that production facilities were nearly completed, but that testing of facilities was later than planned.

Shares in New Zealand Oil and Gas (NZO.NZ) closed on Thursday at NZ$1.62, having gained 27.6 percent so far this year, compared with a 3 percent rise in the benchmark top 50 .NZ50 index.

Kupe is expected to produce around 254 petajoules of gas over the next 15 to 20 years, as well as a million tonnes of LPG and 14.7 million barrels of oil condensate.

The Kupe field is 50 percent owned by Origin, with state-owned power company Genseis Energy holding 31 percent, and NZ Oil and Gas 15 percent, and Mitsui E&P Ltd 4 percent.