New Zealand Energy Corp. Receives Final TSXV Approval of Farmout Agreement for Copper Moki Wells
New Zealand Energy Corp. (TSXV: NZ) has received final TSX Venture Exchange approval for its farmout agreement with Monumental Energy Corp. The agreement allows Monumental to participate in repairing and restarting production at two wells, Copper Moki 1 & 2, located in the Taranaki Basin, New Zealand. Monumental will invest approximately NZ$800,000 in exchange for 75% of oil and gas revenue (net of production costs) until investment recovery, followed by a 25% net revenue interest. The project has also received consent from the New Zealand Minister under the Crown Minerals Act 1991. Workovers are expected to begin in early 2025.
La New Zealand Energy Corp. (TSXV: NZ) ha ricevuto l'approvazione finale dalla TSX Venture Exchange per il suo accordo di farmout con la Monumental Energy Corp. L'accordo consente a Monumental di partecipare alla riparazione e al riavvio della produzione in due pozzi, Copper Moki 1 e 2, situati nella Taranaki Basin, Nuova Zelanda. Monumental investirà circa NZ$800,000 in cambio di il 75% delle entrate da petrolio e gas (al netto dei costi di produzione) fino al recupero dell'investimento, seguito da un interesse netto delle entrate del 25%. Il progetto ha anche ricevuto il consenso dal Ministro della Nuova Zelanda ai sensi del Crown Minerals Act 1991. I lavori di recupero sono previsti per l'inizio del 2025.
La New Zealand Energy Corp. (TSXV: NZ) ha recibido la aprobación final de la TSX Venture Exchange para su acuerdo de farmout con Monumental Energy Corp. El acuerdo permite a Monumental participar en la reparación y reinicio de la producción en dos pozos, Copper Moki 1 y 2, ubicados en la cuenca de Taranaki, Nueva Zelanda. Monumental invertirá aproximadamente NZ$800,000 a cambio de el 75% de los ingresos por petróleo y gas (netos de costos de producción) hasta la recuperación de la inversión, seguido de un interés neto del 25%. El proyecto también ha recibido el consentimiento del Ministro de Nueva Zelanda bajo la Ley de Minerales de la Corona de 1991. Se espera que los trabajos comiencen a principios de 2025.
뉴질랜드 에너지 공사(New Zealand Energy Corp., TSXV: NZ)는 모뉴멘탈 에너지 공사(Monumental Energy Corp.)와의 농장 계약에 대해 TSX 벤처 거래소의 최종 승인을 받았습니다. 이 계약은 모뉴멘탈이 뉴질랜드 타라나키 분지(Taranaki Basin)에 위치한 두 개의 유정(Copper Moki 1 및 2)의 수리 및 생산 재개에 참여할 수 있도록 허용합니다. 모뉴멘탈은 약 NZ$800,000를 투자할 예정입니다 대가로 75%의 석유 및 가스 수익 (생산 비용 공제 후)을 순수익 회수까지 받으며, 그 이후에는 25%의 순이익 관심을 가지게 됩니다. 이 프로젝트는 1991년 왕실 광물법(Crown Minerals Act 1991) 하에 뉴질랜드 장관의 동의도 받았습니다. 작업은 2025년 초에 시작될 것으로 예상됩니다.
La New Zealand Energy Corp. (TSXV: NZ) a reçu l'approbation finale de la TSX Venture Exchange pour son accord de farmout avec la Monumental Energy Corp. Cet accord permet à Monumental de participer à la réparation et à la reprise de la production de deux puits, Copper Moki 1 et 2, situés dans le bassin de Taranaki, en Nouvelle-Zélande. Monumental investira environ NZ$800,000 en échange de 75% des revenus pétroliers et gaziers (net des coûts de production) jusqu'à récupération de l'investissement, suivi d'un intérêt net de 25%. Le projet a également reçu le consentement du ministre néo-zélandais en vertu de la loi de 1991 sur les minéraux de la Couronne. Les travaux devraient commencer début 2025.
Die New Zealand Energy Corp. (TSXV: NZ) hat die endgültige Genehmigung der TSX Venture Exchange für ihren Farmout-Vertrag mit der Monumental Energy Corp. erhalten. Der Vertrag erlaubt es Monumental, an der Reparatur und der Wiederaufnahme der Produktion an zwei Bohrlöchern, Copper Moki 1 und 2, die sich im Taranaki-Becken in Neuseeland befinden, teilzunehmen. Monumental wird ungefähr NZ$800.000 investieren im Austausch für 75% der Einnahmen aus Öl und Gas (abzüglich der Produktionskosten) bis zur Rückholung der Investition, gefolgt von einem 25%igen Nettoertragsanteil. Das Projekt hat auch die Zustimmung des neuseeländischen Ministers gemäß dem Crown Minerals Act 1991 erhalten. Die Arbeiten sollen Anfang 2025 beginnen.
- Secured regulatory approvals for well workover project
- NZ$800,000 external investment for well repairs without direct cost to company
- Potential revenue generation from restart of two idle wells
- 75% of initial revenue will go to Monumental until investment recovery
- Long-term reduction in revenue share to 25% for these wells
New Plymouth, New Zealand--(Newsfile Corp. - December 23, 2024) - New Zealand Energy Corp. (TSXV: NZ) ("NZEC" or the "Company") is pleased to announce that, further to its 29 October 2024 news release, it has received final approval of the TSX Venture Exchange (the "Exchange") regarding the non-arm's length farmout agreement (the "Agreement") entered into between the Company's wholly-owned subsidiary and a wholly-owned subsidiary of Monumental Energy Corp. ("Monumental") (TSXV: MNRG). In addition, the applicable consent of the Minister in New Zealand in accordance with the New Zealand Crown Minerals Act 1991 has also been obtained.
Pursuant to the Agreement, Monumental is entitled to participate in the repair and workover of two wells, Copper Moki 1 & 2 ("CM 1 & 2") in order to restart production. The wells are located in a permitted block in the Taranaki Basin, New Zealand in which NZEC holds a
On behalf of the Board of Directors
Mike Adams, Chief Executive 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 Agreement, the business of the Company, including future plans and objectives, and the CM 1 & 2 wells. 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/234993
FAQ
What is the cost of the Copper Moki wells workover program for NZERF?
When will the Copper Moki wells workover program begin?
What is the revenue sharing agreement between NZERF and Monumental for the Copper Moki wells?
Which regulatory approvals has NZERF received for the Copper Moki farmout agreement?
