Business
New Zealand Energy Corp Announces Third Quarter 2018 Results
Wellington, New Zealand--(Newsfile Corp. - November 26, 2018) - New Zealand Energy Corp. (TSXV...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp Announces Third Quarter 2018 ResultsWellington, New Zealand--(Newsfile Corp. - November 26, 2018) - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") announced today it has filed with Canadian regulatory authorities its third quarter 2018 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.Cash provided by operating activities for the nine months was $1,209,853 (2017: used $104,829) and for the quarter was $856,649 (2017: used $170,437). The profit for the nine months was $149,324 (2017: loss $1,463,669), of which $1,636,434 (2016: $1,236,800) was represented by non-cash items (depreciation, depletion and accretion). For the quarter, the loss was $48,051 (2017: $320,376) of which $503,621 (2017: $382,531) was non-cash (depreciation, depletion and accretion). The Company achieved average net daily production of 184 boe/d (92% oil) for the nine months (2017: 206 boe/d (87% oil)); and for the quarter 155 boe/d (100% oil) compared to 106 boe/d (93% oil) during the third quarter of 2017. Chairman James Willis, in commenting on the Company's third quarter 2018 results, said \"The results for the third quarter are testament to the efforts Mike Adams and his team are putting in and provide a good financial base to move forward. While maintenance and resource availability issues have provided a distraction from progressing value adding projects as quickly as we would prefer, we have been able to restore production in Copper Moki and progress facilities implementation of the enhanced oil project . As noted with respect to quarter two, much remains to be done.\" 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 September 2018 and the Management's Discussion and Analysis contain certain forward- looking inf...