Business
New Zealand Energy Corp Announces 2020 Quarter 4 Results
Wellington, New Zealand--(Newsfile Corp. - April 30, 2021) -  New Zealand Energy Corp. (T...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp Announces 2020 Quarter 4 ResultsWellington, New Zealand--(Newsfile Corp. - April 30, 2021) -  New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") announced today it has filed with Canadian regulatory authorities its Q4 2020 consolidated financial results and an accompanying 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 2020 end of year results, Chairman James Willis said \"The results saw a loss of $1,092,350 (compared to the 2019 loss of $1,987,701) which included significant non-cash expenses including depreciation and depletion. Overall, there was a ($454,724) decrease in cash at year end and $1,020,085 was held as at 31 December 2020. While disappointing, the result reflects the impact of COVID-19 on operations and the impact on revenues of the oil price collapse in March 2020. Cash provided by operating activities was a loss of $493,098, compared to 2019 when $787,751 of cash was provided by operations.The Company achieved average net daily production of 128 boe/d (99% oil) through 2020 compared to 158 boe/d (99% oil) during 2019.The Company implemented a further restructuring of the business in Q4 and Q1 of 2021 which has involved a further reduction in manpower.\"With respect to business development, Mr Willis commented: \"While the Company is evaluating new opportunities and a return to continuous production at the Waihapa-Ngaere Field, we are particularly focused on opportunities within the Tariki licence area including the potential to locate by-passed gas and the establishment of a gas storage facility.The Company commenced acquiring 71 km2 of high resolution 3D seismic data in the Tariki area during Q2, 2021.\"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 year ended 31 Decem...