Business
New Zealand Energy Corp announces 2017 End of Year Results
Wellington, New Zealand--(Newsfile Corp. - April 30, 2018) - New Zealand Energy Corp. ("NZEC" ...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp announces 2017 End of Year ResultsWellington, New Zealand--(Newsfile Corp. - April 30, 2018) - New Zealand Energy Corp. (\"NZEC\" or the \"Company\") (TSX-V: NZ) announced today it has filed with Canadian regulatory authorities its 2017 consolidated financial results, management discussion and analysis and Form 51-101 reserves report, which documents are available on the Company's website at www.newzealandenergy.com and on SEDAR at www.sedar.com.Commenting on the Company's performance during the year, Chairman James Willis said: \"2017 has been a year of consolidating changes made in 2016 with a continued focus on sustained increases in hydrocarbon production, managing costs downwards and increasing third party services and revenues. While the second half of 2017 was adversely affected by issues arising from equipment failures and unplanned maintenance, these are now behind us. The result is that 2017 has produced a small, but positive, operating cashflow. In addition, our health and safety performance continues to be excellent, with company wide participation and close attention by everyone to our goal of zero harm to people..\"Mr Willis went on to say: \"The results from early in 2018 are good, due to the positive results from the new pump and completion installed mid-February in the Copper Moki-1 well, which has been producing at an average of 160 boe/d (90% oil) since late February. Looking to later in 2018, the Waihapa/Ngaere joint venture has agreed, in principle, to proceed with the next phase of the Waihapa enhanced oil project — targeting installation in the second half of calendar 2018. This project, together with the existing production and revenue base, provide a sound basis to grow the business\".Cash provided by operating activities was $66,799, compared to 2016 when $782,961 of cash was used in operations. The net loss for the 2017 year was $4,536,800 compared with a loss for the previous year of $5,225,884. Included in the net loss was an impairment of $1,591,776 (2016: $2,955,857) mainly attributable to declines observed in the Copper Moki wells. The Company achieved average net daily production of 129 boe/d (87% oil) through 2017 compared to 219 boe/d (78% oil) during 2016.On behalf of the Board of Directors\"James Willis\"Chairman New Zealand Energy Corp.New Zealand Energy Contac...