Business
New Zealand Energy Corp Announces Second Quarter 2016 Results
WELLINGTON, NZ / ACCESSWIRE / August 19, 2016 / New Zealand Energy Corp. (TSXV: NZ) ("NZEC" ...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp Announces Second Quarter 2016 ResultsWELLINGTON, NZ / ACCESSWIRE / August 19, 2016 / New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") announced today it has filed with Canadian regulatory authorities its consolidated interim financial results and management discussion and analysis for the quarter ended 30 June 2016, which documents are available on the Company's website at www.newzealandenergy.com and on SEDAR at www.sedar.com.\nThe net loss for the quarter was $801,177 compared with a loss for the second quarter of 2015 of $1,222,855. The more significant non-cash items contributing to the net loss during the Three Month Period included $394,617 in depreciation and accretion (2015: $392,836) and $235,566 in abandonment provision (2015: -$57,064; and also impairment $508,235).\nIn terms of cashflow:\nImage: https://www.accesswire.com/uploads/NZ81916.JPG\nThe Company achieved average net daily production of 271 boe/d (74% oil) through the six-month period of 2016 (2015: 152 boe/d, 82% oil). \nOn behalf of the Board of Directors\n\"James Willis\"\nChairman \nNew Zealand Energy Corp.\nNew Zealand Energy Contacts\nEmail: [email protected]\nWebsite: www.newzealandenergy.com\nNeither 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.\nFORWARD-LOOKING INFORMATION AND CAUTIONARY NOTE REGARDING RESERVE ESTIMATES\nThis document, the consolidated interim financial statements for the period ended 30 June 2016 and 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 qualifications, disclosure and cautionary statements in these documents regarding forward-looking statements and reserve and resource estimates.\nThe Company notes that such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond NZEC's control, the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, operational risks in exploration and development, competition from other industry par...