New Zealand Energy Corp Announces Results of 2016 Annual General Meeting of Shareholders

About this update from New Zealand Energy Corp.

[{"type":"text","content":"New Zealand Energy Corp Announces Results of 2016 Annual General Meeting of ShareholdersWELLINGTON, NEW ZEALAND / ACCESSWIRE / June 22, 2016 / New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") announced today the results of its Annual General Meeting of shareholders held in Wellington, New Zealand on Wednesday 22 June 2016 (NZT).\nA total of 111,362,202 common shares representing approximately 48% of the total issued and outstanding common shares were voted at the meeting.\nEach of the nominees proposed by management was elected as a director of the Company to hold office until the next annual general meeting, or until successors are elected or appointed:\nImage: https://www.accesswire.com/uploads/New%20Zealand%206-22%201a.png\n\nShareholders voted in favour of all items of business put forward at the meeting, as outlined below:\nImage: https://www.accesswire.com/uploads/New%20Zealand%206-22%202.png\nThe Company Chief Executive Officer, Michael Adams, took the opportunity, as a part of the general business of the meeting, to present some remarks to shareholders on the state of the Company. Mr Adams said, \"The last year has been challenging for NZEC, largely because of the drop in oil price from late 2014 to less than US$30 per barrel in January 2016. NZEC has overcome these challenges by demonstrating fiscal responsibility, by being technically and commercially focussed when making decisions, and, throughout by being safe and effective. The result of this is that our oil and gas sales volumes through Q1 and Q2 of 2016 are more than 50% higher than through the same period in 2015.\" \n\"In addition, NZEC has secured another 20 years of tenure on the Waihapa and Ngaere mining permits for the Joint Venture so that the Company now has the security of title we need to warrant substantial investments in re-development. The Tariki mining permit has also been renewed and for the term and work program we requested.\" \n\"When I started with the company in July 2015 it was apparent NZEC could not continue to operate with no positive cash flow, limited available capital, production declining and operating costs flat. We ascertained there was not much room left to further reduce operating costs, so our immediate focus became recovering production rates by spending some of our remaining capital on higher probability of succe...

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