Business
New Zealand Energy Corp announces 2018 End of Year Results
Wellington, New Zealand--(Newsfile Corp. - April 17, 2019) - New Zealand Energy Corp. (TSXV: N...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp announces 2018 End of Year ResultsWellington, New Zealand--(Newsfile Corp. - April 17, 2019) - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") announced today it has filed with Canadian regulatory authorities its 2018 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.Cash provided by operating activities was $1,750,824, compared to 2017 ($66,799). As compared to 2017, revenue increased by $3,701,332 to a total of $12,624,824. The net loss for the 2018 year was $996,660 compared with a loss for the previous year of $4,536,800. Included in the net loss was an impairment of $919,317 (2016: $1,591,776) mainly attributable to a lower reserve estimate in Waihapa/Ngaere wells and the assessment of future processing revenue. The Company achieved average net daily production of 164 boe/d (93% oil) through 2018 compared to 129 boe/d (87% oil) during 2017.Commenting on the Company's performance during the year, Chairman James Willis said: \"I am pleased to report we are ending 2018 in a stronger financial position. The Company has produced a result that is positive in cash flow terms with the loss attributable to non cash expenses. A key focus of the Board, management, staff and contractors is our health and safety performance. This has been satisfactory, with all staff and contractors fully engaged in our goal of zero harm to people.\"On behalf of the Board of Directors\"James Willis\"Chairman New Zealand Energy Corp.New Zealand Energy ContactsEmail: [email protected]: www.newzealandenergy.comNeither 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 AND CAUTIONARY NOTE REGARDING RESERVE ESTIMATESThis document, the consolidated financial statements for the quarter ended 31 December 2018 and full financial year and the Management's Discussion and Analysis contain certain forward- looking information, forward-looking statements (\"forward-looking statements\"). The reader's attention is specifically drawn to the qualifications, disclosure and cautiona...