Listed energy explorer New Zealand Oil & Gas has indicated that Indonesia is its favoured choice to expand its portfolio in South-East Asia.
The company suffered the disappointment of having probable reserves at the Tui oil field, in which it has a 12.5% stake, cut by a fifth to about 40 - 42 million barrels, subject to further testing.
New Zealand Oil & Gas chief executive David Salisbury says the company has identified Taranaki and Tunisia as offering the best investment opportunities to find more oil and gas.
Mr Salisbury says an area of Indonesia will also be part of the mix, but won't give any specific details just yet.
The company's share price has fallen 17% in the last couple of days, following the downward revision of Tui's reserves.
