New Zealand Oil & Gas is now debt free, leaving it free to consider other potential sites.
The oil explorer says it's repaid its Kupe debt, but retained a $125 million debt facility.
It says it has cash reserves of about 220 million and a good income stream from the Tui oil field, while revenue from Kupe is less than a year away.
NZ Oil & Gas made $72.3 million in revenue in the three months to September from its share of the Tui field, which produced over 3 million barrels.
Oil prices have fallen sharply since peaking at about $US147.27 per barrel on 11 July, but NZ Oil & Gas expects demand from countries like China, India and Brazil, along with constrained supply, will force prices higher over time.
Separately, it's buying a 40% stake from Tap Oil in a permit area in the Canterbury Basin, which NZ Oil & Gas believes has the potential to produce commercial quantities of oil and gas.