New Zealand Energy Corp. Announces Tariki-5A Preliminary Results
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. (NZEV) ha annunciato risultati preliminari dal suo pozzo di sviluppo del gas Tariki-5A. Il pozzo ha intersecato con successo le sabbie del Tariki il 29 novembre 2024, rivelando proprietà portatrici di gas. La colonna di gas è valutata a un minimo di 8 metri all'interno di un grossolano strato di sabbia Tariki di circa 60 metri, con il potenziale di un ulteriore 8-12 metri in attesa di analisi log. La direzione si aspetta una capacità di produzione di almeno 10 Terajoule/giorno (9 MMSCF/giorno), superando i requisiti dell'Accordo di Vendita del Gas con Genesis Energy. Il contatto Gas-Acqua è stato trovato più profondo del previsto, influenzando positivamente le stime del volume di gas. L'azienda prevede di iniziare la perforazione e il collaudo della produzione dal 16 dicembre 2024.
New Zealand Energy Corp. (NZEV) ha anunciado resultados preliminares de su pozo de desarrollo de gas Tariki-5A. El pozo intersectó con éxito las arenas objetivo de Tariki el 29 de noviembre de 2024, con propiedades que indican la presencia de gas. La columna de gas se evalúa en un mínimo de 8 metros dentro de un grosor de arena Tariki de aproximadamente 60 metros, con potencial para 8-12 metros adicionales pendiente de análisis de registros. La dirección espera una capacidad de producción de al menos 10 Terajoules/día (9 MMSCF/día), superando los requisitos del Acuerdo de Venta de Gas con Genesis Energy. Se encontró el contacto Gas-Agua más profundo de lo esperado, lo que impacta positivamente en las estimaciones del volumen de gas. La empresa planea comenzar con la perforación y las pruebas de producción a partir del 16 de diciembre de 2024.
뉴질랜드 에너지 corp. (NZEV)가 타리키-5A 가스 개발井의 예비 결과를 발표했습니다. 이井은 2024년 11월 29일에 타리키 사암의 목표를 성공적으로 교차하며 가스를 포함한 특성을 갖고 있습니다. 가스 기둥은 약 60m의 총 타리키 사암 내에서 최소 8m로 평가되며, 로그 분석 후 추가로 8-12m의 가능성이 있습니다. 경영진은 하루 10 테라줄(9 MMSCF)의 최소 생산 용량을 기대하고 있습니다, 이는 제네시스 에너지와의 가스 판매 계약 요구 사항을 초과합니다. 가스-수위 접촉이 예상보다 깊게 발견되어 가스 볼륨 추정치에 긍정적인 영향을 미쳤습니다. 회사는 2024년 12월 16일부터 천공 및 생산 테스트를 시작할 계획입니다.
New Zealand Energy Corp. (NZEV) a annoncé des résultats préliminaires concernant son puits de développement de gaz Tariki-5A. Le puits a réussi à intersecter les sables de Tariki ciblés le 29 novembre 2024, avec des propriétés indiquant la présence de gaz. La colonne de gaz est évaluée à un minimum de 8 mètres dans un sable brut de Tariki d'environ 60 mètres, avec un potentiel pour des mètres supplémentaires de 8-12, en attente d'analyses. La direction s'attend à une capacité de production d'au moins 10 Terajoules/jour (9 MMSCF/jour), dépassant les exigences de l'accord de vente de gaz avec Genesis Energy. Le contact gaz-eau a été trouvé plus profond que prévu, ce qui influence positivement les estimations du volume de gaz. La société prévoit de commencer la perforation et les tests de production à partir du 16 décembre 2024.
New Zealand Energy Corp. (NZEV) hat vorläufige Ergebnisse aus seinem Tariki-5A-Gasentwicklungsbohrloch bekannt gegeben. Das Bohrloch hat am 29. November 2024 erfolgreich die Ziel-Tariki-Sande durchbohrt und zeigt gasführende Eigenschaften. Die Gasader wird auf mindestens 8 Meter innerhalb eines etwa 60 Meter dicken Tariki-Sandgesteins geschätzt, mit dem Potenzial für weitere 8-12 Meter, die noch analysiert werden müssen. Das Management erwartet eine Produktionskapazität von mindestens 10 Terajoule/Tag (9 MMSCF/Tag), was die Anforderungen des Gasverkaufsvertrags mit Genesis Energy übertrifft. Der Gas-Wasser-Kontakt wurde tiefer gefunden als erwartet, was sich positiv auf die Schätzungen des Gasvolumens auswirkt. Das Unternehmen plant, am 16. Dezember 2024 mit den Durchbohrungen und Produktionsprüfungen zu beginnen.
- Well intersected gas-bearing Tariki sands successfully
- Expected production capacity of 10 Terajoules/Day exceeds Gas Sales Agreement requirements
- Deeper Gas-Water-Contact indicates larger gas volumes than initially estimated
- Minimum 8-meter gas column confirmed with potential for additional 8-12m
- None.
Vancouver, British Columbia--(Newsfile Corp. - December 2, 2024) - New Zealand Energy Corp. (TSXV: NZ) ("NZEC" or the "Company") is pleased to provide the preliminary results of the Tariki-5A gas development well.
Management of NZEC are delighted to report that the Tariki-5A well intersected the target Tariki sands on November 29, 2024. The sands are interpreted by management of the Company to be gas bearing from shows, cutting samples and from preliminary evaluation of the wireline logging carried out over the weekend.
Tariki-5A is currently being completed with 3.5" production tubing. Perforating and production testing are expected to be carried out the week commencing December 16, 2024, with commissioning of facilities for gas processing also planned for later that week, following which gas sales can start.
The gas column is evaluated to be at least 8 meters out of a gross Tariki sand of ~60m. An additional column of a further 8 to 12m may be confirmed upon completion of log analyses, including, among other things, correction for filtrate invasion. Management of NZEC expects the reservoir to be able to deliver at least 10 Terajoules/Day (9 MMSCF/Day), which is sufficient to exceed the requirements of the Gas Sales Agreement between the Tariki Joint Venture and Genesis Energy.
With respect to the well results, CEO Mr. Adams commented: "The Tariki-5A gas development well has confirmed there is significant additional producible gas remaining in the Tariki sands higher in structure than was previously accessed. The Gas-Water-Contact appears to be deeper than expected from the offset well Tariki-1A, and this has a positive impact on the gas volume remaining in place. While these results are preliminary, the deeper Gas-Water-Contact means they are better than prognosed. Work to progress use of the Tariki Field as a gas storage facility will also commence immediately."
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, the gas sales agreement, and the Tariki-5A well. 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: the underlying value of NZEC and its Common Shares, TSX Venture Exchange approval of the Offering; 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/232127
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