Business
New Zealand Energy Corp. Announces 2024 Quarter 2 Results
Wellington, New Zealand--(Newsfile Corp. - August 28, 2024) - New Zealand Energy Corp. (TSXV: NZ...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp. Announces 2024 Quarter 2 ResultsWellington, New Zealand--(Newsfile Corp. - August 28, 2024) - New Zealand Energy Corp. (TSXV: NZ)  (\"NZEC\" or the \"Company\") announced today it has filed with Canadian regulatory authorities its Q2 2024 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 second quarter 2024 results, Chairman James Willis said, \"The results saw a total comprehensive loss of $2,100,963. (2023: loss of $1,385,085). There was a $2,588,788 increase in cash held ($3,800,130 was held at the end of the quarter). Cash used in operating activities for the quarter was $1,541,045 (2023: used $292,118).\"With respect to development operations, Mr. Willis commented: \"The Tariki gas development project remains our primary focus. All the long lead items, with exception of the wellhead, are in hand. The wellhead is on schedule and will be ready for use when the drilling commences in the second half of September 2024. As previously reported, the Tariki-5 well is planned to take approximately 30 days to drill and complete. Gas processing arrangements and gas transmission contracts are in place that will allow gas and condensate to be produced and sold to the market soon after completion of the Tariki 5 well.\"On July 26, 2024, the Company announced it had signed an agreement to sell Tariki gas which agreement included the grant of an exclusive option to evaluate and negotiate gas storage at Tariki On August 22, 2024, New Zealand's largest electricity generator, Genesis Energy Ltd, identified itself as the \"Offtaker\" in that agreement. NZEC looks forward to continuing to build a positive and long term business relationship with Genesis.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 ...