Business
New Zealand Energy Corp Announces 2021 Quarter 4 Results
Wellington, New Zealand--(Newsfile Corp. - April 21, 2022) - New Zealand Energy Corp. (TSXV: N...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp Announces 2021 Quarter 4 ResultsWellington, New Zealand--(Newsfile Corp. - April 21, 2022) - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") announced today it has filed with Canadian regulatory authorities its Q4 2021 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 2021 end of year results, Chairman James Willis said \"The results saw a loss of $993,008 (compared to the 2020 loss of $1,092,350) which included significant non-cash expenses including depreciation and depletion. Overall, there was a $621,793 decrease in cash at year end and $463,272 was held as at 31 December 2021. Cash used by operating activities was $198,130, compared to 2020 when ($493,098) of cash was used by operations.The Company achieved average net daily production of 99 boe/d (88% oil) through 2021 compared to 128 boe/d (99% oil) during 2020.With respect to business development, Mr Willis commented: \"NZEC has completed preliminary analysis and interpretation of the data from the seismic acquired at Tariki during 2021 which suggests the overthrust Tariki structure is an excellent candidate for a gas storage project. The potential for additional hydrocarbons in other reservoirs within Tariki is also being evaluated.Regarding Waihapa/Ngaere, the installation of appropriately sized gas compression is allowing for gas lift to be introduced to several wells which is expected to result in some increases in overall production. The recent increase in the oil price is also of some benefit. 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 December 2021 and the Management's Discussion and Analysis contain certain forward-looking information, forward-looking stateme...