Business
New Zealand Energy Corp Announces 2020 Quarter 1 Results
Wellington, New Zealand--(Newsfile Corp. - August 26, 2020) - New Zealand Energy Corp. (TSXV: ...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp Announces 2020 Quarter 1 ResultsWellington, New Zealand--(Newsfile Corp. - August 26, 2020) - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") announced today it has filed with Canadian regulatory authorities its Q1 2020 consolidated financial results and management discussion and analysis 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 first quarter 2020 results, Chairman James Willis said \"The results saw a loss of $891,992. There was a $221,474 reduction in cash held ($1,253,335 was held at the end of the quarter). Cash used in operating activities for the quarter was $107,701 (2019: $168,695). The net loss for the quarter was $791,036 (2019: net loss $161,325). The Company achieved average net daily production of ~146 boe/d (99% oil) through Q1.\"As previously reported, the Company has been through a difficult period since the start of 2020. The COVID-19 pandemic and its effect on the price of oil required management to act decisively. During the quarter ended March, the company implemented a Low Cost Midstream Focussed Operating Mode and a restructuring of the business involving a reduction in manpower and a change to shift patterns at the plant. The Company has directed efforts to revenues from third party services. LPG storage has resumed in August. Technical work has continued in relation to the Tariki licence.The Company expects to file the Q2 2020 financial results by 31 August 2020. On behalf of the Board of Directors\"James Willis\"ChairmanNew 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 March 2020 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 cautionary statements in the...