Business
New Zealand Energy Corp announces Second Quarter 2016 Results
Wellington, New Zealand--(Newsfile Corp. - August 19, 2016) - New Zealand Energy Corp. (TSXV: ...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp announces Second Quarter 2016 ResultsWellington, New Zealand--(Newsfile Corp. - 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.The 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 $508,235). In terms of cashflow: Quarter Ended 30 June 2016 31 March 2016 30 June 2015 31 March 2015 Cash provided by (used in) operating activities ($) 5,563 (53,188) (464,003) (660,364)  The 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). On behalf of the Board of Directors\"James Willis\"ChairmanNew Zealand Energy Corp.New Zealand Energy Contacts Email: [email protected] Website: 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 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. The 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, environmen...