Business
New Zealand Energy Corp Announces Second Quarter 2019 Results
Wellington, New Zealand--(Newsfile Corp. - August 28, 2019) - New Zealand Energy Corp. (TSXV: ...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp Announces Second Quarter 2019 ResultsWellington, New Zealand--(Newsfile Corp. - August 28, 2019) - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") announced today it has filed with Canadian regulatory authorities its second quarter 2019 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.Commenting on the Company's second quarter 2019 results, Chairman James Willis said \" The results saw a loss of $524,505 in part attributable to non cash expenses and a small ($78,875) reduction in cash ($904,314 was held at the end of the quarter) as a result of development expenditure ($315,913) paid in the quarter. We are seeing improving oil production from the Electric Submersible Pump in Ngaere-1 (on stream in April). The performance of the Copper Moki wells has been good, following a pump change in Copper Moki-2 in early July. Copper Moki production has averaged ~155bopd in August. Cash provided by operating activities, for the quarter, was $298,711 (2018: $241,278). The net loss for the quarter was $524,505 (2018: net profit $742,146) with one factor being $338,401 in non-cash depreciation, depletion and accretion (2018: $668,313). The Company achieved average net daily production of ~128 boe/d (100% oil) through Q2 (exit rate at the end of June was ~160boe/d).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 30 June 2019 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 qualifications, disclosure and cautionary statements in these documents regarding forward-looking statements and reserve and resource estimates. The Company notes that such forward-look...