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New Zealand Energy Corp. Announces Strong Initial Production Test Results from Two Tariki Wells
Vancouver, British Columbia--(Newsfile Corp. - May 4, 2026) - New Zealand Energy Corp. (TSXV...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp. Announces Strong Initial Production Test Results from Two Tariki WellsVancouver, British Columbia--(Newsfile Corp. - May 4, 2026) - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") is pleased to announce strong initial production results from both its Tariki 1A well and its Tariki 5A well, located in the onshore Taranaki Basin, New Zealand. The Tariki 1A well delivered a stabilized flow rate of approximately 3 mmcf/d over a 96-hour period and continues to flow natural gas. The Tariki 5A well delivered a stabilized flow rate of approximately 1.5 mmcf/d over a 48-hour period and was shut in to focus on the Tariki 1A operations. The Tariki site is situated approximately 14 kilometres from the Waihapa production station (the \"WPS\"), supporting efficient tie-in and ongoing field development. These wells form part of NZEC's 50%-owned Petroleum Mining Licences PML 38138. The Company's activities at Tariki are conducted in conjunction with its co-venturer L&M Energy Ltd. The Tariki 1A well started flowing at approximately 200 mcf/d with more than 2,000 barrels per day of water. The top hole pressure continues to increase as does the flow rate of gas. As the well unloads significant quantities of water there is potential for the flow rates to exceed the stabilized test rates. Operations are underway to tie the gas production into the WPS and begin selling gas into the spot market. Spot natural gas prices have averaged approximately NZ$14/mcf over the last week in the New Zealand market.The Tariki 5A well flowed at between 1.5 and 2.0 mmcf/d near-continuously over a 5-day testing period. Top hole pressures remained stable and 800 barrels per day of water was produced. There was a moderate amount of sand that was also produced. The NZEC operations team is working on a solution to remove sand on the surface in order to tie in the Tariki 5A well for gas sales as well. NZEC continues to focus on optimizing production through debottlenecking work at the WPS and is planning several low-cost workover and recompletion opportunities. The Company has identified several behind-pipe and bypassed pay intervals in existing wells that present near-term production upside.The ongoing workover program continues to demonstrate a scalable pathway to increasing production while leveraging existing infr...