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New Zealand Energy Corp Announces 2025 Quarter 1 Results
Vancouver, British Columbia--(Newsfile Corp. - June 3, 2025) - New Zealand Energy Corp. (TSXV: N...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp Announces 2025 Quarter 1 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 Q1 2025 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 first quarter 2025 results, CEO Mike Adams said \"The results saw a total comprehensive loss of $994,550. (2024: loss of $914,919). There was a $965,615 decrease in cash held ($155,930 was held at the end of the quarter). Cash used in operating activities for the quarter was $665,681 (2024: used $397,608).\"With respect to development operations, Mr Adams commented: \"New Zealand Energy Corp. (NZEC) shifted its primary focus to the Tariki Gas Field conversion project in Q1 2025. The decline in gas rate at the Tariki-5A well in January prompted an immediate change in priorities.In the short term, NZEC has been restoring accessible Waihapa-Ngaere wells to production. By the end of Q1, four wells were added back into production, with two more expected by the end of Q2, aiming for rates of ~50 to 80 bopd (NZEC share 25 to 40 bopd). Additionally, two Copper Moki workovers in June 2025 are expected to add ~200 bopd (NZEC share) and 0.2 mmscf/d of associated gas, enabling gas sales to market from late June 2025 via the Cheal Production Station.Along with the Q1 and Q2 2025 production activities, aimed at restoring positive cash flow, the focus is the Tariki Gas Storage development. Reservoir studies have commenced, with initial recommendations expected in mid-June 2025. Detailed project deliverables will be available in early August 2025, defining gas storage capacity, cushion gas requirements, and long-term storage behaviours.In parallel, NZEC has started storage facility development concept studies and is in commercial discussions with potential gas storage customers. With this work in progress, NZEC is well-positioned to advance the Tariki Gas Storage project to the Final Investment Decision (FID) stage within the next 12 months, and then to prioritise opportunities within its remaining existing acreage.\" On behalf of the Board of Direct...