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New Zealand Energy Corp Announces 2022 Quarter 3 Results
Wellington, New Zealand--(Newsfile Corp. - November 25, 2022) - New Zealand Energy Corp. (TSXV...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp Announces 2022 Quarter 3 ResultsWellington, New Zealand--(Newsfile Corp. - November 25, 2022) - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") announced today it has filed with Canadian regulatory authorities its Q3 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 third quarter 2022 results, Chairman James Willis said: \"The results saw a total comprehensive loss of $318,741. (2021: Loss $385,465). There was a $296 decrease in cash held ($462,976 was held at the end of the quarter). Cash provided in operating activities for the quarter was $611,940 (2021: Used $50,696). The Company achieved average net daily production of ~86 boe/d (88% oil) through Q3.\"Regarding Waihapa/Ngaere, gas lifting with the compressor acquired last year is underway with tie-in of the Northern Ngaere wells in progress. The Company is also intending to utilize these licences for carbon sequestration. With respect to development operations, Mr Willis commented: \"Tariki is a prime focus for the company. The licence holders are progressing utilization of the Tariki field for gas storage.\" The data indicates that up to 15PJ of gas can be stored in the Tariki formation with injection and production at a rate of 25TJ/day from a single well (and up to 75TJ/day from 3 wells). During Q3, the Tariki Joint Venture engaged RPS Energy Canada Limited (\"RPS\") to prepare an independent report of the oil and gas reserves of the Tariki Field which evaluation was received after the end of Q3. The Tariki Joint Venture is anticipating drilling an updip well at Tariki in 2023.A summary of the RPS evaluation follows:Undeveloped reserves have been assigned to the planned new well which is to be drilled in the crest of the Tariki sandstone member in the overthrust structure of the field during 1H 2023;Gross (before royalties) remaining reserves net to NZEC are:3.20PJ (2.56 Bcf) gas and 51.9 thousand stock tank barrels condensate of Proven (1P)6.88PJ (5.50 Bcf) gas and 136.9 thousand stock tank barrels condensate of Proven plus Probable (2P)9.24PJ (7.39 Bcf) gas and 205.8 thousand stock tank barrels condensate of Proven plus Probable plus Possible (3P) (1)Net Pr...