New Zealand Energy Corp Announces 2023 Quarter 2 Results

Rhea-AI Summary

New Zealand Energy Corp. (TSXV: NZ) reported a total comprehensive loss of $1,385,085 in Q2 2023, compared to a loss of $66,221 in 2022. Cash held decreased by $324,048, with $201,525 held at the end of the quarter. Cash used in operating activities was $292,118. Average net daily production was ~22 boe/d (99% oil) through Q2.

Wellington, New Zealand--(Newsfile Corp. - August 29, 2023) - New Zealand Energy Corp. (TSXV: NZ) ("NZEC" or the "Company") announced today it has filed with Canadian regulatory authorities its Q2 2023 consolidated financial results and management discussion and analysis report, which documents are available on the Company's website at www.newzealandenergy.com and on SEDAR at www.sedar.com.

Commenting on the Company's second quarter 2023 results, Chairman James Willis said, "The results saw a total comprehensive loss of $1,385,085. (2022: loss of $66,221). There was a $324,048 decrease in cash held ($201,525 was held at the end of the quarter). Cash used in operating activities for the quarter was $292,118 (2022: provided $238,563). The Company achieved average net daily production of ~22 boe/d (99% oil) through Q2."

With respect to development operations, Mr Willis commented: "The Company is focussed on drilling at Tariki."

On behalf of the Board of Directors

"James Willis"

Chairman

New Zealand Energy Corp.

New Zealand Energy Contacts

Email: info@newzealandenergy.com
Website: www.newzealandenergy.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING INFORMATION AND CAUTIONARY NOTE REGARDING RESERVE ESTIMATES

This document, the consolidated financial statements for the quarter ended 30 June 2023 and the Management's Discussion and Analysis contain certain forward- looking information, forward-looking statements ("forward-looking statements"). The reader's attention is specifically drawn to the qualifications, disclosure and cautionary statements in these documents regarding forward-looking statements and reserve and resource estimates.

The Company notes that such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond NZEC's control, the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, operational risks in exploration and development, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although the Company believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking information.

As such, readers are cautioned not to place undue reliance on the forward looking information, as no assurance can be provided as to future results, levels of activity or achievements. All forward-looking statements are made as of the date of this document or the date of the documents referenced above, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/178778