New Zealand Energy Corp - NZERF STOCK NEWS

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. (NZEC) has provided an operational update on the Tariki-5 gas development well. The Tariki Joint Venture, which includes NZEC Tariki and L&M Energy , reports that the well is preparing to commence drilling ahead from a depth of 873.5 m after successfully setting and cementing 9 5/8" casing at 870 m. The project is currently on schedule and on budget. Key sections of the well are expected to be encountered as follows:

• Tikorangi Limestone (secondary target): 12-14 October 2024
• Tariki Sandstone (primary target): 17-21 October 2024

Frank Jacobs, through a controlled company, has disposed of 100,000 common shares of New Zealand Energy Corp. (NZERF) by way of a gift to his children. This represents a 0.67% reduction in his ownership. Prior to the disposition, Jacobs controlled 2,227,163 common shares (14.86% of outstanding shares) and 200,000 stock options. After the disposition, Jacobs now controls 2,127,163 common shares (14.19%) and retains the 200,000 stock options. If all options were exercised, Jacobs would control 15.32% of outstanding shares. Jacobs currently has no intention of further acquisitions or dispositions but may do so depending on market conditions. An Early Warning Report will be filed on SEDAR+ as required by Canadian securities legislation.

New Zealand Energy Corp. (TSXV: NZ) has provided an operational update on the Tariki-5 gas development well. The Tariki Joint Venture, consisting of NZEC Tariki (50%) and L&M Energy (50%), commenced drilling on 30 September 2024. The well is expected to reach a total depth of 2846 m AHRT in 27 days.

Key drilling sections include:

• Tikorangi Limestone (secondary target): 12-14 October 2024
• Tariki Sandstone (primary target): 16-21 October 2024

Contractual arrangements for gas transportation through New Zealand's main gas network and delivery to Genesis Energy have been completed.

New Zealand Energy Corp. (TSXV: NZ) has provided updates on its Tariki-5 gas production and storage project. The Tariki Joint Venture has signed a gas handling agreement with Cheal Petroleum , allowing for processing of up to 8.5 TJ/D of gas. A Gas Sales Agreement with Genesis Energy includes a NZ$2 million upfront payment upon well spudding, expected around September 23, 2024. All necessary contractual arrangements for gas transportation and delivery are complete. Drilling operations are scheduled for completion and tie-in by November 11, 2024. The project aims to address New Zealand's domestic gas shortage by delivering critical and reliable energy resources.

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) has announced an update on the Tariki-5 gas well. The Tariki Joint Venture, comprising NZEC Tariki (50%) and L&M Energy (50%), has been informed of a delay in rig mobilization due to mechanical issues with another party's well. Drilling operations are now expected to start on September 23, 2024, with completion and tie-in likely by November 11, 2024. This represents a two-week delay from the original schedule.

Despite the setback, long lead items are expected to be available on time, and permitting is progressing well. The company is also nearing completion of an agreement for gas export and processing, well ahead of production commencement.

New Zealand Energy Corp. (TSXV: NZ) has announced a significant gas sale agreement for its Tariki Joint Venture. The key points include:

• Sale of 2 petajoules (approximately 1.8bcf) of gas from the Tariki-5 well to an arms-length third party offtaker
• Exclusive 12-month negotiation period for potential gas storage in the Tariki field
• NZ$2,000,000 payment to the Joint Venture for the exclusive negotiation right
• Drilling of Tariki-5 well expected to commence in early September 2024
• Gas production anticipated to start in late October or early November 2024

The agreement is subject to consent from the New Zealand Minister of Energy and Resources. NZEC's Chairman, James Willis, described this as a significant milestone for the company, aligning interests with a major New Zealand player.

New Zealand Energy Corp. (NZEC) announced that Auctus Advisors has initiated equity research coverage of the company.

The report evaluates the potential of the upcoming Tariki-5 well and the company's gas storage project. The Tariki-5 well is scheduled to begin drilling on August 23, 2024, with results expected in September. All necessary equipment has been secured.

Due to gas shortages in New Zealand, gas prices have risen to an all-time high of over NZD15 per GJ.

For more details, including the report's target share price and risk assessment, visit Auctus' website.