New Zealand Energy Corp Announces 2024 Quarter 1 Results
New Zealand Energy Corp (TSXV: NZ) reported a comprehensive loss of $914,919 for Q1 2024, a significant increase from the $453,500 loss in Q1 2023. Cash holdings decreased by $488,456, leaving the company with $702,977 at quarter-end. Operating activities consumed $397,608 in cash, up from $56,152 in the same period last year. The company is focusing on the Tariki gas development, with drilling set to commence in August and expected completion within 30 days. Production is anticipated to start within four weeks post-completion. In the Copper Moki field, a new pump installation for Copper Moki-2 is expected to enable production by early June, followed by similar work on Copper Moki-1. Additionally, plans are underway to resume continuous production from two Waihapa Ngaere oil wells.
- Tariki gas development project is progressing, with drilling scheduled for August and production expected shortly after.
- New pump installations at Copper Moki-2 to start production by early June.
- Plans to return Waihapa Ngaere field oil wells to continuous production are advancing.
- Total comprehensive loss increased to $914,919 in Q1 2024 from $453,500 in Q1 2023.
- Cash holdings decreased by $488,456, leaving $702,977 at the end of the quarter.
- Cash used in operating activities increased significantly to $397,608 compared to $56,152 in the previous year.
Wellington, New Zealand--(Newsfile Corp. - May 29, 2024) - New Zealand Energy Corp. (TSXV: NZ) ("NZEC" or the "Company") announced today it has filed with Canadian regulatory authorities its Q1 2024 consolidated financial results and an accompanying 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 first quarter 2024 results, Chairman James Willis said: "The results saw a total comprehensive loss of
With respect to development operations, Mr. Willis commented: "The Tariki gas development remains our primary focus and the long lead Items, including wellhead, casing and tubing, have been ordered and drilling is scheduled to commence in the second half of August this year. The Tariki-5 well is planned to take approximately 30 days to drill and complete. Work is also advanced in ensuring the well will be producing gas and condensate to market within 4 weeks of completion.
As of 30 May 2024, Copper Moki-2 is in the process of having a new pump and rods installed. It is anticipated that the well will be producing in the week commencing June 3rd. The same field crew will immediately move to Copper Moki-1 to retrieve the failed rods in that well and run a new pump, if this is possible.
We are also progressing plans and sourcing equipment for returning two Waihapa Ngaere field oil wells, i.e. Waihapa H1 and Waihapa-6A, to continuous production."
On behalf of the Board of Directors
"James Willis"
Chairman
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 year ended 31 March 2024 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/211019
FAQ
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