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New Zealand Energy Corp Announces 2023 Quarter 1 Results
Wellington, New Zealand--(Newsfile Corp. - May 30, 2023) - New Zealand Energy Corp. (TSXV: NZ) ("...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp Announces 2023 Quarter 1 ResultsWellington, New Zealand--(Newsfile Corp. - May 30, 2023) - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") announced today it has filed with Canadian regulatory authorities its Q1 2023 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 first quarter 2023 results, Chairman James Willis said, \"The results saw a total comprehensive loss of $453,500. (2022: loss of $99,004). There was a $77,276 decrease in cash held ($444,944 was held at the end of the quarter). Cash used in operating activities for the quarter was $56,152 (2022: provided $232,065). The Company achieved average net daily production of ~52 boe/d (97% oil) through Q1.\"With respect to development operations, Mr Willis commented: \"The Company is focussed on Tariki including advancing gas storage.\" 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 quarter ended 31 March 2023 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 of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, operational risks in exploration and development, competition from other industry participants, the lack of availability of qualified personn...