Business
New Zealand Energy Corp Announces 2020 Quarter 2 Results
Wellington, New Zealand--(Newsfile Corp. - August 31, 2020) - - New Zealand Energy Corp. (T...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp Announces 2020 Quarter 2 ResultsWellington, New Zealand--(Newsfile Corp. - August 31, 2020) - - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") announced today it has filed with Canadian regulatory authorities its Q2 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 second quarter 2020 results, Chairman James Willis said \"The results saw a total comprehensive loss of $391,152. (2019: loss of $694,256). There was an $844,813 reduction in cash held ($408,522 was held at the end of the quarter). Cash used in operating activities for the quarter was $989,081 (2019: provided $130,016). The Company achieved average net daily production of ~130 boe/d (90% oil) through Q2.\"The second quarter 2020 has seen a reduction in the Company's cash reserves caused by low oil prices, the cost incurred in abandonment of the Wairere-1 well ($275,203) and the outgoings arising from paying accrued personnel entitlements ($154,450). The company also announces that Ms Jenny Wells has retired as CFO. The company thanks Ms Wells for her service. Mr Ketan Chhima B.Com, CA has accepted an appointment as CFO.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 these documents regarding forward-looking statements and reserve and resource estimates. The Company notes that such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond NZEC's control, the impact...