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New Zealand Energy Corp Announces 2022 Quarter 2 Results
Wellington, New Zealand--(Newsfile Corp. - August 28, 2022) - New Zealand Energy Corp. (TSXV: ...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp Announces 2022 Quarter 2 ResultsWellington, New Zealand--(Newsfile Corp. - August 28, 2022) - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") announced today it has filed with Canadian regulatory authorities its Q2 2022 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 2022 results, Chairman James Willis said \"The results saw total comprehensive income of $32,783. (2021: $117,125). There was a $219,342 decrease in cash held ($243,930 was held at the end of the quarter). Cash provided in operating activities for the quarter was $238,563 (2021: $1,142,557). The Company achieved average net daily production of ~94 boe/d (81% oil) through Q2.\"With respect to the development of new business, Mr Willis commented: Tariki is a prime focus for the company. The licence holders have notified the regulator of their commitment to transform the Tariki field into a gas storage facility. Regarding Waihapa/Ngaere, gas lifting with the compressor acquired last year is underway, the Company is seeing an increase in production and work to allow gas lifting on the other Northern Ngaere wells is nearing completion.Regarding the existing CAD$2,000,000 Convertible Loan Agreement with Arizona Finance Limited, the term of this Convertible Loan Agreement has been extended to November 6, 2022. The Company advises that the Annual General Meeting of New Zealand Energy Corp. will be held at the offices of Straterra, 1st Floor 93 The Terrace, Wellington, New Zealand on 16 September 2022 at 9:00 a.m. (New Zealand Time). The close of business on 10 August 2022 was the record date for determining shareholders entitled to receive notice of, and to vote at, the Meeting.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 con...