New Zealand Energy Corp. Announces 2024 Third Quarter Results
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) ha riportato i risultati finanziari del terzo trimestre 2024, mostrando una perdita complessiva totale di $2.983.985, rispetto a una perdita di $1.777.059 nel 2023. La posizione di cassa dell'azienda è aumentata di $592.659, raggiungendo $1.774.108 alla fine del trimestre, mentre il cassa utilizzata nelle attività operative è stata di $2.004.245. Il progetto di sviluppo del gas Tariki rimane il focus principale, con il deviatoio Tariki-5A che mostra forti indicatori di idrocarburi nella formazione Tikorangi. L'azienda prevede di iniziare a produrre gas nel sistema di trasmissione neozelandese entro la fine dell'anno e si aspetta di generare flussi di cassa positivi dal primo trimestre del 2025.
New Zealand Energy Corp. (TSXV: NZ) informó sus resultados financieros del tercer trimestre de 2024, mostrando una pérdida integral total de $2,983,985, en comparación con una pérdida de $1,777,059 en 2023. La posición de efectivo de la compañía aumentó en $592,659, alcanzando $1,774,108 al final del trimestre, mientras que el efectivo utilizado en actividades operativas fue de $2,004,245. El proyecto de desarrollo de gas Tariki sigue siendo el enfoque principal, con el desvio Tariki-5A mostrando fuertes indicadores de hidrocarburos en la formación Tikorangi. La compañía espera comenzar a producir gas en el sistema de transmisión de Nueva Zelanda antes de fin de año y anticipa generar flujos de efectivo positivos desde el primer trimestre de 2025.
뉴질랜드 에너지 공사(New Zealand Energy Corp., TSXV: NZ)가 2024년 3분기 재무 실적을 발표했으며, 총 포괄 손실이 $2,983,985로 나타났습니다. 이는 2023년의 손실인 $1,777,059와 비교됩니다. 회사의 현금 보유량은 분기 말에 $592,659 증가하여 $1,774,108에 도달했으며, 운영 활동에 사용된 현금은 $2,004,245였습니다. 타리키 가스 개발 프로젝트는 여전히 주요 초점이며, 타리키-5A 사이드 트랙에서 타이코랑기 형성에서 강력한 탄화수소 지표가 나타났습니다. 회사는 연말 전에 뉴질랜드 송전 시스템으로 가스를 생산하기 시작할 것으로 예상하며, 2025년 1분기부터 긍정적인 현금 흐름을 생성할 것으로 기대하고 있습니다.
New Zealand Energy Corp. (TSXV: NZ) a rapporté ses résultats financiers du troisième trimestre 2024, montrant une perte globale totale de 2 983 985 $, par rapport à une perte de 1 777 059 $ en 2023. La position de trésorerie de l'entreprise a augmenté de 592 659 $ pour atteindre 1 774 108 $ à la fin du trimestre, tandis que la trésorerie utilisée pour les activités opérationnelles s'élevait à 2 004 245 $. Le projet de développement de gaz Tariki reste la priorité principale, avec l'écart Tariki-5A montrant de forts indicateurs d'hydrocarbures dans la formation Tikorangi. L'entreprise s'attend à commencer à produire du gaz dans le système de transmission néo-zélandais avant la fin de l'année et anticipe des flux de trésorerie positifs à partir du premier trimestre 2025.
New Zealand Energy Corp. (TSXV: NZ) hat seine finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht und zeigt einen insgesamt umfassenden Verlust von $2.983.985, im Vergleich zu einem Verlust von $1.777.059 im Jahr 2023. Die Liquiditätslage des Unternehmens verbesserte sich um $592.659 auf $1.774.108 zum Quartalsende, während der Liquiditätsverbrauch in den betrieblichen Aktivitäten $2.004.245 betrug. Das Tariki-Gasentwicklungsprojekt bleibt der Hauptfokus, wobei die Tariki-5A-Seitenbohrung starke Kohlenwasserstoffindikatoren in der Tikorangi-Formation aufweist. Das Unternehmen erwartet, vor Jahresende mit der Gasproduktion in das neuseeländische Übertragungssystem zu beginnen, und rechnet damit, ab dem 1. Quartal 2025 positive Cashflows zu generieren.
- Strong hydrocarbon shows encountered in Tikorangi formation
- Expected gas production initiation before year-end 2024
- Projected positive cashflows beginning Q1 2025
- Cash position increased by $592,659 to $1,774,108
- Comprehensive loss increased to $2,983,985 from $1,777,059 year-over-year
- Cash used in operating activities increased to $2,004,245 from $369,052 year-over-year
- Drilling delays due to required sidetrack of Tariki-5
New Plymouth, New Zealand--(Newsfile Corp. - November 27, 2024) - New Zealand Energy Corp. (TSXV: NZ) ("NZEC" or the "Company") is pleased to announce the filing on SEDAR+ of its unaudited financial statements and accompanying management discussion and analysis for the three and nine months ended September 30, 2024. The documents are available on the Company's website at www.newzealandenergy.com and on SEDAR+ at www.sedarplus.ca.
Commenting on the Company's third quarter 2024 results, CEO Michael Adams said, "The results saw a total comprehensive loss of
With respect to development operations, Mr. Adams commented: "The Tariki gas development project continues to be our primary focus through to year-end 2024. The Tariki-5A sidetrack was successfully kicked off ~140m above the secondary target Tikorangi formation, which was drilled earlier today. Strong hydrocarbon shows were encountered while drilling the Tikorangi formation. These warrant further investigation, including by electric logging when the well reaches its target depth."
As of this morning, Tariki-5A is drilling through the Otaraoa formation towards the primary target Tariki sand, which is expected to be reached in the next 2 to 4 days. The information gained from the original Tariki-5 wellbore in October 2024 has been crucial in reducing the uncertainty associated with both the 5A well location and the structural interpretation of the 2021 Tariki 3D Seismic volume.
CEO Michael Adams also added that, "surface works to enable early production from Tariki-5A into the NZ gas transmission system are also close to completion and management of NZEC expects to be producing gas into the network before year end despite the delays imposed by having to sidetrack Tariki-5. Management of the Company expects that it will be well positioned for generating positive cashflows from the beginning of Q1 2025."
On behalf of the Board of Directors
"Michael Adams"
CEO
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: This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information regarding: the business of the Company, including future plans and objectives. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects NZEC's current beliefs and is based on information currently available to NZEC and on assumptions NZEC believes are reasonable. These assumptions include, but are not limited to: NZEC's current and initial understanding and analysis of its projects and the development required for such projects; the costs of NZEC's projects; NZEC's general and administrative costs remaining constant; and the market acceptance of NZEC's business strategy. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of NZEC to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; industry condition; volatility of commodity prices; imprecision of reserve estimates; environmental risks; operational risks in exploration and development; general capital market conditions and market prices for securities; delay or failure to receive board or regulatory approvals; the actual results of future operations; competition; changes in legislation, including environmental legislation, affecting NZEC; the timing and availability of external financing on acceptable terms; and lack of qualified, skilled labour or loss of key individuals. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in NZEC's disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although NZEC has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of NZEC as of the date of this news release and, accordingly, is subject to change after such date. However, NZEC expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/231732
FAQ
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