Business
New Zealand Energy Corp Announces First Quarter 2017 Results and details of the Annual General Meeting
Wellington, New Zealand--(Newsfile Corp. - May 30, 2017) - New Zealand Energy Corp. (TSXV: NZ)...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp Announces First Quarter 2017 Results and details of the Annual General MeetingWellington, New Zealand--(Newsfile Corp. - May 30, 2017) - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") announced today it has filed with Canadian regulatory authorities its first quarter 2017 financial results and management discussion and analysis, which documents are available on the Company's website at www.newzealandenergy.com and on SEDAR at www.sedar.com and details of the 2017 Annual General Meeting.Cash provided by operating activities was $124,595 (2016: -$53,188). While there was a net loss for the quarter of $580,844 (2016: $959,085) the material factor was $473,397 in non-cash depreciation, depletion and accretion (2016: $823,478). The Company achieved average net daily production of 159 BOE/D (88% oil) compared to 326 BOE/D (75% oil) during the first quarter of 2016, a period of flush production from Copper Moki-2. Reflecting on the Company's first quarter 2017 results, Chairman James Willis said \"We have progressed stage 2 of the Waihapa enhanced oil recovery project with continuous gas-lift having been implemented in two additional wells. The field is now producing consistently at more than 6000 bpd total fluids. Gas and water handling improvements are currently underway at the Waihapa Production Station to de-bottleneck for further increases in rates planned for later this year \". The Company will hold its annual general meeting in Wellington on 27 July 2017. The record date for shareholders to receive notice of meeting and for voting is 20 June 2017. 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 2017 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 ...