Welcome to our dedicated page for New Zealand Energy news (Ticker: NZERF), a resource for investors and traders seeking the latest updates and insights on New Zealand Energy stock.
New Zealand Energy Corp. (NZEC) is a leading energy company based in New Zealand, focusing on drilling projects like Tariki-5 Development well and production reinstatement in Copper Moki and Waihapa oil fields. NZEC aims to prioritize gas reserves and storage projects to meet the market's demand for gas, especially during the current high-price phase. With a strong drilling and development team in place, the Company is set to spud the Tariki-5 well in July 2024, targeting significant gas reserves. NZEC also engages in private placement offerings and strategic investments to support its growth plans in the energy sector.
New Zealand Energy Corp (TSXV: NZ) reported a comprehensive loss of $914,919 for Q1 2024, a significant increase from the $453,500 loss in Q1 2023. Cash holdings decreased by $488,456, leaving the company with $702,977 at quarter-end. Operating activities consumed $397,608 in cash, up from $56,152 in the same period last year. The company is focusing on the Tariki gas development, with drilling set to commence in August and expected completion within 30 days. Production is anticipated to start within four weeks post-completion. In the Copper Moki field, a new pump installation for Copper Moki-2 is expected to enable production by early June, followed by similar work on Copper Moki-1. Additionally, plans are underway to resume continuous production from two Waihapa Ngaere oil wells.
New Zealand Energy Corp. (TSXV: NZ) announced the grant of 1,400,000 stock options to its directors, officers, and consultants, subject to regulatory approval. These options come with an exercise price of C$0.84 and will expire on May 13, 2027. The company utilized exemptions under Multilateral Instrument 61-101 to bypass formal valuation and minority approval requirements, as the fair market value of the options did not exceed 25% of the company's market capitalization. This grant aims to align the interests of key stakeholders with the company's performance goals.
New Zealand Energy Corp. (NZEC) has closed a $5 million non-brokered private placement offering of 6,666,667 common shares at $0.75 per share. The funds will be used for development in the Tariki field, production well repairs in the Copper Moki field, Waihapa field activities, and general working capital purposes. Charlestown Energy Partners, and a company owned by a director subscribed for shares, with the latter's director appointed as a new NZEC board member.
New Zealand Energy Corp. clarifies its dividend strategy, emphasizing a 'dividend oriented' approach aiming to return at least 50% of free cashflow to shareholders. The Company has not yet adopted a formal written dividend policy, and there is no guarantee of adopting one in the near future or at all.
New Zealand Energy Corp. announced its Q4 2023 results, reporting a loss of $2,075,929 compared to the 2022 profit of $1,840,340. Cash increased by $694,355 at year-end, with $1,180,393 held as of December 31, 2023. Operating activities used $1,404,159 in cash, compared to $720,088 provided in 2022. Daily production averaged 27 boe/d in 2023, down from 81 boe/d in 2022 due to equipment failure. The company is focused on the Tariki gas development and addressing production issues at Copper Moki wells.
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