Business
New Zealand Energy Corp. Dividend Policy
Vancouver, British Columbia--(Newsfile Corp. - April 8, 2024) - New Zealand Energy Corp. (TSXV: ...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp. Dividend PolicyVancouver, British Columbia--(Newsfile Corp. - April 8, 2024) - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") is pleased to outline its Dividend Policy.NZEC is in the process of completing its Private Placement. During discussions with investors the Company has emphasized that it aims to be \"Dividend oriented\".Funds for dividend(s), and also for growth, is expected to come from gas production from the Tariki-5 development well which will be drilled in August/September 2024. This well is planned to be produced for about 12 months, following which the Company intends to convert the Tariki gas field to a gas storage field. As part of the gas storage project, the Company anticipates storage customer(s) will pre-purchase some of the gas in place. While Dividend payments are at the discretion of the Board of Directors, in principle the Company will aim to return at least 50% of free cashflow to shareholders while also maintaining a robust balance sheet and meeting all debt obligations.Good progress has been made with the Private Placement and the Company aims to close the placement fully subscribed on or about April 12, 2024. The Private Placement is subject to approval of the TSX Venture Exchange.The Board of DirectorsNew Zealand Energy ContactsEmail: [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: This news release contains \"forward-looking information\" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information regarding: the business of the Company, including future plans and objectives. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects NZEC's current beliefs and is based on information currently available to NZEC and on assumptions NZ...