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New Zealand Energy Corp Announces First Quarter 2018 Results and Details of the Annual General Meeting
Wellington, New Zealand--(Newsfile Corp. - May 30, 2018) - New Zealand Energy Corp. (TSXV: NZ)...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp Announces First Quarter 2018 Results and Details of the Annual General MeetingWellington, New Zealand--(Newsfile Corp. - May 30, 2018) - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") announced today it has filed with Canadian regulatory authorities its first quarter 2018 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 2018 Annual General Meeting.Reflecting on the Company's first quarter 2018 results, Chairman James Willis said \"Copper Moki-1 is continuing to produce at approximately 175 bopd through April and May, which is contributing to the company's cash position. Production from Waihapa-Ngaere is stable. We are progressing stage 4 of the Waihapa enhanced oil recovery project (installation of an ESP in Ngaere-1) with long lead items ordered. Installation is expected in July.\" Cash provided by operating activities was $111,926 (2017: $124,595). The net loss for the quarter was $544,772 (2017: $580,844) the material factors were the cost of Copper Moki-1 workover and $464,500 in non-cash depreciation, depletion and accretion (2017: $473,397). The Company achieved average net daily production of 141 boe/d (82% oil) with initial production from Copper Moki-1 following the workover, compared to 159 boe/d (88% oil) during the first quarter of 2017. The exit rate across Waihapa/Ngaere and Copper Moki at end March 2018 was approximately 240 bopd, which has been sustained through April and May.The Company will hold its annual general meeting in Wellington on 8 August 2018. The record date for shareholders to receive notice of meeting and for voting is 3 July 2018. 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 2018 and the Management's Discussion and Analysis cont...