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New Zealand Energy Corp Announces 2024 Quarter 4 Results
Vancouver, British Columbia--(Newsfile Corp. - June 3, 2025) - New Zealand Energy Corp. (TS...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp Announces 2024 Quarter 4 ResultsVancouver, British Columbia--(Newsfile Corp. - June 3, 2025) - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") announced today it has filed with Canadian regulatory authorities its Q4 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 2024 end of year results, CEO Michael said \"The results saw a loss of $8,179,276 (compared to the 2023 loss of $2,075,929) which included significant non-cash expenses including depreciation and depletion. Overall, there was a $3,568 increase in cash at year end and $1,131,605 was held as at 31 December 2024. Cash used by operating activities was ($1,962,125), compared to 2023 of $1,404,159 of cash used by operations.The Company achieved average net daily production of 17 boe/d (98% oil) through 2024 compared to 27 boe/d (99% oil) during 2023. Waihapa/Ngaere production was curtailed through Q4 2024 while the Tariki-5/5A well was being drilled and tested, and there was no oil production from Copper Moki through the whole year.With respect to development operations, Mr Adams commented: \"In the final quarter of 2024, the Tariki-5A gas development and storage well was successfully drilled, confirming the anticipated excellent reservoir quality, and the initial flow test results were very encouraging. However, since February 2025, the well has faced challenges in maintaining continuous flow due to liquid loading in the 3.5\" completion, which was initially optimized for gas storage operations. This issue has led to an earlier focus on converting the field to gas storage operations than originally planned, and work on this conversion is currently underway.The Copper Moki-1 and -2 wells have been out of service since 2022 and 2023, respectively, due to pump failures. Plans to work over these wells in the second quarter of 2025 are progressing as scheduled, with the RIVAL rig set to arrive at the location in early June 2025. This joint project with Monumental Energy Corp. (MNRG) has the potential to add more than 200 barrels of oil per day (bopd) and associated gas to the company's production by the end of Q2 2025.At the Waihapa-Ngaere oil f...