New Zealand Energy Corp. Provides Operational Update on Tariki-5
New Zealand Energy Corp. (TSXV: NZ) has provided an operational update on the Tariki-5 gas development well. The well, drilled to a depth of 2,637m, failed to encounter the targeted Tariki Sandstone reservoir. The Tariki Joint Venture, owned equally by NZEC Tariki and L&M Energy , is now assessing geological results and planning to sidetrack the well to a nearby location where reservoir sands are expected. Operations will temporarily pause for mandatory crew rest while planning and preparations continue. A further update on drilling plans will be provided by November 1, 2024.
New Zealand Energy Corp. (TSXV: NZ) ha fornito un aggiornamento operativo sul pozzo di sviluppo del gas Tariki-5. Il pozzo, perforato fino a una profondità di 2.637m, non ha raggiunto il reservoir di arenaria Tariki previsto. Il Tariki Joint Venture, di proprietà equamente suddivisa tra NZEC Tariki e L&M Energy, sta ora valutando i risultati geologici e pianificando di deviare il pozzo verso una posizione vicina dove si prevede di trovare sabbie del reservoir. Le operazioni si fermeranno temporaneamente per il riposo obbligatorio dell'equipaggio mentre continuano la pianificazione e i preparativi. Un ulteriore aggiornamento sui piani di perforazione sarà fornito entro il 1 novembre 2024.
New Zealand Energy Corp. (TSXV: NZ) ha proporcionado una actualización operativa sobre el pozo de desarrollo de gas Tariki-5. El pozo, perforado hasta una profundidad de 2.637m, no logró encontrar el reservorio de arenisca Tariki previsto. La empresa conjunta Tariki, de propiedad equitativa de NZEC Tariki y L&M Energy, está ahora evaluando los resultados geológicos y planeando desviar el pozo a una ubicación cercana donde se espera que haya arenas del reservorio. Las operaciones se interrumpirán temporalmente para el descanso obligatorio de la tripulación mientras continúan la planificación y los preparativos. Se proporcionará una actualización adicional sobre los planes de perforación antes del 1 de noviembre de 2024.
뉴질랜드 에너지 공사(New Zealand Energy Corp.) (TSXV: NZ)는 타리키-5 가스 개발 우물에 대한 운영 업데이트를 제공했습니다. 이 우물은 2,637m의 깊이까지 굴착되었지만, 목표로 한 타리키 사암 저수지를 발견하지 못했습니다. NZEC 타리키와 L&M 에너지가 동등하게 소유한 타리키 합작투자는 현재 지질 결과를 평가하고 저수지 모래가 예상되는 인근 위치로 우물을 측면 굴착할 계획을 세우고 있습니다. 작전은 계획 및 준비가 계속되는 동안 필수 승무원 휴식을 위해 일시적으로 중단될 것입니다. 2024년 11월 1일까지 드릴링 계획에 대한 추가 업데이트가 제공될 것입니다.
New Zealand Energy Corp. (TSXV: NZ) a fourni une mise à jour opérationnelle concernant le puits de développement gazier Tariki-5. Le puits, foré jusqu'à une profondeur de 2.637m, n'a pas réussi à rencontrer le réservoir de grès Tariki ciblé. Le Tariki Joint Venture, détenu également par NZEC Tariki et L&M Energy, évalue maintenant les résultats géologiques et prévoit de dévier le puits vers un emplacement voisin où des sables de réservoir sont attendus. Les opérations feront une pause temporaire pour le repos obligatoire de l'équipage pendant que la planification et les préparatifs se poursuivent. Une mise à jour supplémentaire sur les plans de forage sera fournie d'ici le 1er novembre 2024.
New Zealand Energy Corp. (TSXV: NZ) hat ein Betriebsupdate zum Gasentwicklungsbohrloch Tariki-5 bereitgestellt. Das Bohrloch, das bis zu einer Tiefe von 2.637m gebohrt wurde, hat das angestrebte Reservoir der Tariki-Sandsteinformation nicht erreicht. Das Tariki Joint Venture, das gleichmäßig zwischen NZEC Tariki und L&M Energy aufgeteilt ist, bewertet nun die geologischen Ergebnisse und plant, das Bohrloch an einen nahegelegenen Ort abzuleiten, an dem Reservoirsand erwartet wird. Die Arbeiten werden vorübergehend für die obligatorische Ruhe der Besatzung pausiert, während die Planung und Vorbereitungen fortgesetzt werden. Ein weiteres Update zu den Bohrplänen wird bis zum 1. November 2024 bereitgestellt.
- None.
- Tariki-5 well failed to encounter targeted Tariki Sandstone reservoir
- Operations need to be suspended temporarily
- Additional costs and time required for sidetracking operations
New Plymouth, New Zealand--(Newsfile Corp. - October 23, 2024) - New Zealand Energy Corp. (TSXV: NZ) ("NZEC" or the "Company") provides the following operational update regarding the drilling of the Tariki-5 gas development well.
The Tariki Joint Venture, comprised of the Company's wholly owned subsidiary, NZEC Tariki Limited (as to
The well has failed to encounter the targeted Tariki Sandstone reservoir and geological results are currently being assessed with a view to sidetracking the well to a nearby location where reservoir sands are anticipated to be present.
Planning for a geological sidetrack is currently ongoing and equipment is being mobilized to allow this plan to be executed. In the interim period the rig will be stood down for a brief period to allow the crew to rest the mandatory period, while the necessary planning and preparations can be made.
NZEC will provide a further update on the plans for the remainder of the drilling program by 1 November 2024.
On behalf of the Board of Directors
Mike Adams, Chief Operating Officer
New Zealand Energy Corp.
Tel: +64-6-757-4470
New Zealand Energy Corp. 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 and the Tariki Joint Venture, including future plans and objectives, the gas sales agreement, and the Tariki-5 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: 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/227662
FAQ
What happened with New Zealand Energy Corp's (NZERF) Tariki-5 well drilling?
When will New Zealand Energy Corp (NZERF) provide the next update on Tariki-5 drilling?
What is the ownership structure of the Tariki-5 well project?
