New Zealand Energy Corp - NZERF STOCK NEWS

New Zealand Energy Corp. (TSXV: NZ) has announced successful production startup at its Tariki-5A gas development well. The well began gas sales on December 30th, 2024, after being perforated over 8m of a 20m gas-bearing sand section. Initial flow rates ranged from 2 to 5.5 mmscf/d, by wellsite equipment. Preliminary estimates suggest the well could deliver up to 12 mmscf/d of gas and associated condensate to market, though this requires further testing confirmation.

The gas is being processed through a 35km pipeline to Waihapa Production Station and then to Cheal production station for dehydration. This marks the completion of the company's highest priority 2024 project and represents the first stage in developing Tariki field into New Zealand's second gas storage field.

New Zealand Energy Corp. (TSXV: NZ) has received final TSX Venture Exchange approval for its farmout agreement with Monumental Energy Corp. The agreement allows Monumental to participate in repairing and restarting production at two wells, Copper Moki 1 & 2, located in the Taranaki Basin, New Zealand. Monumental will invest approximately NZ$800,000 in exchange for 75% of oil and gas revenue (net of production costs) until investment recovery, followed by a 25% net revenue interest. The project has also received consent from the New Zealand Minister under the Crown Minerals Act 1991. Workovers are expected to begin in early 2025.

New Zealand Energy Corp. (TSXV: NZ) held its Annual General and Special Meeting of shareholders in Auckland on December 12, 2024. The meeting saw participation from shareholders representing 25.81% of total issued shares, with 4,157,052 common shares voted. All proposed matters were approved, including the re-election of Directors Frank Jacobs, Michael Adams, Robert Bose, and Bill Treuren. Shareholders also approved the reappointment of Ernst & Young as auditors and the company's amended stock option plan.

New Zealand Energy Corp. (NZEV) has announced preliminary results from its Tariki-5A gas development well. The well successfully intersected target Tariki sands on November 29, 2024, with interpreted gas-bearing properties. The gas column is evaluated at minimum 8 meters within a ~60m gross Tariki sand, with potential for an additional 8-12m pending log analyses. Management expects production capacity of at least 10 Terajoules/Day (9 MMSCF/Day), exceeding Gas Sales Agreement requirements with Genesis Energy. The Gas-Water-Contact was found deeper than expected, positively impacting gas volume estimates. The company plans to begin perforating and production testing from December 16, 2024.

New Zealand Energy Corp. (TSXV: NZ) reported its Q3 2024 financial results, showing a total comprehensive loss of $2,983,985, compared to a loss of $1,777,059 in 2023. The company's cash position increased by $592,659 to $1,774,108 at quarter-end, while cash used in operating activities was $2,004,245. The Tariki gas development project remains the primary focus, with the Tariki-5A sidetrack showing strong hydrocarbon indicators in the Tikorangi formation. The company expects to begin producing gas into the NZ transmission system before year-end and anticipates generating positive cashflows from Q1 2025.

New Zealand Energy Corp (TSXV: NZ) has completed a non-brokered private placement, raising C$2 million through the issuance of 4,444,444 common shares at C$0.45 per share. The proceeds will fund the sidetrack of the Tariki-5 well (Tariki-5A) and advance the company's Tariki gas production/storage development plans. Director Frank Jacobs' company subscribed for 100,000 shares, while Charlestown Energy Partners subscribed for 444,444 shares. The securities are subject to a hold period until March 23, 2025.

New Zealand Energy Corp. (TSX-V: NZ) announces the resumption of drilling operations at Tariki-5A on November 18, 2024, following suspension in October 2024. The new wellbore, targeting a location based on data from the primary Tariki-5 well, will be drilled from 2432m depth. The operation includes testing the Tikorangi Formation oil reservoir before reaching the target Tariki sandstone reservoir. Production is expected to begin by December 18, 2024, with output primarily contracted to Genesis Energy. The company also plans to close its previously announced private placement offering by November 20, 2024, subject to TSX Venture Exchange approval.

New Zealand Energy Corp (TSXV: NZ) has entered into a farmout agreement with Monumental Energy Corp for the repair and workover of two wells, Copper Moki 1 & 2, in the Taranaki Basin, New Zealand. Under the agreement, Monumental will invest approximately NZ$800,000 in exchange for 75% of oil and gas revenue until investment recovery, followed by a 25% net revenue interest. The workovers are expected to begin in Q4 2024, subject to regulatory approvals and equipment availability. Monumental currently holds approximately 8.0% of NZEC's outstanding shares.

New Zealand Energy Corp. (TSXV: NZ) has announced significant changes to its leadership team. The board of directors has appointed Mike Adams as the new Chief Executive Officer and Frank Jacobs as the Chairman of the Board. Additionally, Bill Treuren has joined as a director of the The company also reported that James Willis has stepped down from his positions as director and officer.