New Zealand Energy Corp. Announces 2024 Quarter 2 Results
New Zealand Energy Corp. (TSXV: NZ) has released its Q2 2024 financial results, reporting a total comprehensive loss of $2,100,963, compared to a loss of $1,385,085 in 2023. The company's cash position improved, with $3,800,130 held at the end of the quarter, representing a $2,588,788 increase. However, cash used in operating activities rose to $1,541,045, up from $292,118 in 2023.
The company's primary focus remains the Tariki gas development project, with drilling of the Tariki-5 well scheduled to commence in September 2024. NZEC has secured gas processing arrangements and transmission contracts to facilitate production and sales upon completion. Additionally, NZEC announced a gas sale agreement with Genesis Energy , which includes an option to evaluate gas storage at Tariki.
New Zealand Energy Corp. (TSXV: NZ) ha pubblicato i risultati finanziari del secondo trimestre 2024, riportando una perdita complessiva di $2.100.963, rispetto a una perdita di $1.385.085 nel 2023. La posizione di cassa della società è migliorata, con $3.800.130 disponibili alla fine del trimestre, rappresentando un aumento di $2.588.788. Tuttavia, il cash utilizzato nelle attività operative è salito a $1.541.045, rispetto ai $292.118 del 2023.
Il focus principale della società rimane il progetto di sviluppo del gas Tariki, con la perforazione del pozzo Tariki-5 prevista per settembre 2024. NZEC ha assicurato accordi di lavorazione del gas e contratti di trasmissione per facilitare produzione e vendite al termine dei lavori. Inoltre, NZEC ha annunciato un accordo di vendita del gas con Genesis Energy, che include un'opzione per valutare lo stoccaggio del gas a Tariki.
New Zealand Energy Corp. (TSXV: NZ) ha publicado sus resultados financieros del segundo trimestre de 2024, informando una pérdida integral total de $2,100,963, en comparación con una pérdida de $1,385,085 en 2023. La posición de efectivo de la empresa mejoró, con $3,800,130 mantenidos al final del trimestre, representando un aumento de $2,588,788. Sin embargo, el efectivo utilizado en actividades operativas aumentó a $1,541,045, frente a los $292,118 de 2023.
El enfoque principal de la empresa sigue siendo el proyecto de desarrollo de gas Tariki, con la perforación del pozo Tariki-5 programada para comenzar en septiembre de 2024. NZEC ha asegurado acuerdos de procesamiento de gas y contratos de transmisión para facilitar la producción y las ventas a su finalización. Además, NZEC anunció un acuerdo de venta de gas con Genesis Energy, que incluye una opción para evaluar el almacenamiento de gas en Tariki.
뉴질랜드 에너지 공사 (TSXV: NZ)는 2024년 2분기 재무 결과를 발표하며, 총 포괄 손실이 $2,100,963에 달하며, 이는 2023년의 $1,385,085 손실에 비해 증가한 수치입니다. 회사의 현금 조건은 개선되어, 분기 말에 $3,800,130이 보유되어 현재 $2,588,788 증가했습니다. 그러나 운영 활동에 사용된 현금은 $1,541,045로 증가했으며, 2023년에는 $292,118이었습니다.
회사의 주요 초점은 타리키 가스 개발 프로젝트에 있으며, 타리키-5 유정의 시추가 2024년 9월에 시작될 예정입니다. NZEC는 생산과 판매를 용이하게 하기 위해 가스 처리 및 전송 계약을 확보했습니다. 또한, NZEC는 제네시스 에너지와의 가스 판매 계약을 발표했으며, 이는 타리키에서의 가스 저장 평가 옵션을 포함합니다.
New Zealand Energy Corp. (TSXV: NZ) a publié ses résultats financiers pour le deuxième trimestre 2024, annonçant une perte globale totale de 2 100 963 $, par rapport à une perte de 1 385 085 $ en 2023. La position de liquidités de l'entreprise s'est améliorée, avec 3 800 130 $ détenus à la fin du trimestre, représentant une augmentation de 2 588 788 $. Cependant, les liquidités utilisées dans les activités opérationnelles ont augmenté à 1 541 045 $, contre 292 118 $ en 2023.
Le principal objectif de l'entreprise reste le projet de développement de gaz Tariki, avec forages du puits Tariki-5 prévus pour commencer en septembre 2024. NZEC a sécurisé des arrangements de traitement du gaz et des contrats de transmission pour faciliter la production et les ventes une fois le projet achevé. De plus, NZEC a annoncé un accord de vente de gaz avec Genesis Energy, qui inclut une option pour évaluer le stockage de gaz à Tariki.
New Zealand Energy Corp. (TSXV: NZ) hat ihre finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht und berichtet von einem umfassenden Verlust in Höhe von $2.100.963, verglichen mit einem Verlust von $1.385.085 im Jahr 2023. Die Liquidität des Unternehmens hat sich verbessert, da zum Ende des Quartals $3.800.130 verfügbar waren, was eine Steigerung von $2.588.788 darstellt. Allerdings stiegen die in der Betriebsaktivität verwendeten Geldmittel auf $1.541.045, nach $292.118 im Jahr 2023.
Der Hauptfokus des Unternehmens bleibt auf dem Gasentwicklungsprojekt Tariki, mit der geplanten Bohrung des Tariki-5-Brunnens, die im September 2024 beginnen soll. NZEC hat Gasverarbeitungsvereinbarungen und Übertragungsverträge gesichert, um Produktion und Vertrieb nach Abschluss zu ermöglichen. Darüber hinaus gab NZEC eine Gasverkaufsvereinbarung mit Genesis Energy bekannt, die eine Option zur Bewertung der Gasspeicherung in Tariki umfasst.
- Increased cash holdings by $2,588,788, with $3,800,130 held at the end of Q2 2024
- Secured gas sale agreement with Genesis Energy , including an option for gas storage evaluation
- Tariki gas development project progressing with drilling of Tariki-5 well scheduled for September 2024
- Gas processing arrangements and transmission contracts in place for immediate production and sales post-well completion
- Total comprehensive loss increased to $2,100,963 in Q2 2024, up from $1,385,085 in 2023
- Cash used in operating activities rose significantly to $1,541,045, compared to $292,118 in 2023
Wellington, New Zealand--(Newsfile Corp. - August 28, 2024) - New Zealand Energy Corp. (TSXV: NZ) ("NZEC" or the "Company") announced today it has filed with Canadian regulatory authorities its Q2 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 second 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 project remains our primary focus. All the long lead items, with exception of the wellhead, are in hand. The wellhead is on schedule and will be ready for use when the drilling commences in the second half of September 2024. As previously reported, the Tariki-5 well is planned to take approximately 30 days to drill and complete. Gas processing arrangements and gas transmission contracts are in place that will allow gas and condensate to be produced and sold to the market soon after completion of the Tariki 5 well."
On July 26, 2024, the Company announced it had signed an agreement to sell Tariki gas which agreement included the grant of an exclusive option to evaluate and negotiate gas storage at Tariki On August 22, 2024, New Zealand's largest electricity generator, Genesis Energy Ltd, identified itself as the "Offtaker" in that agreement. NZEC looks forward to continuing to build a positive and long term business relationship with Genesis.
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 30 June 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/221461
FAQ
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