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New Zealand Energy Corp Announces 2023 Quarter 4 Results
Wellington, New Zealand--(Newsfile Corp. - April 28, 2024) - New Zealand Energy Corp. (TSXV...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp Announces 2023 Quarter 4 ResultsWellington, New Zealand--(Newsfile Corp. - April 28, 2024) - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") announced today it has filed with Canadian regulatory authorities its Q4 2023 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 2023 end of year results, Chairman James Willis said \"The results saw a loss of $2,075,929 (compared to the 2022 profit of $1,840,340) which included significant non-cash expenses including depreciation and depletion. Overall, there was a $694,355 increase in cash at year end and $1,180,393 was held as at 31 December 2023. Cash used by operating activities was ($1,404,159), compared to 2022 when $720,088 of cash was provided by operations.The Company achieved average net daily production of 27 boe/d (99% oil) through 2023 compared to 81 boe/d (88% oil) during 2022. This reduction in production is primarily the result of equipment failure at Copper Moki and the cessation of gas lift at Waihapa due to fuel gas costs.With respect to development operations, Mr Willis commented: \"The Tariki gas development remains our primary focus with drilling scheduled for August this year. Work is also advancing on achieving immediate production gains by replacing the failed downhole equipment in two Copper Moki wells in May.\"On behalf of the Board of Directors\"James Willis\"Chairman New Zealand Energy ContactsEmail: [email protected] Website: 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 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...