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New Zealand Energy Corp. Enters into a Farmout Agreement for Copper Moki Wells
New Plymouth, New Zealand--(Newsfile Corp. - October 28, 2024) - New Zealand Energy Corp. (TSXV: ...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp. Enters into a Farmout Agreement for Copper Moki WellsNew Plymouth, New Zealand--(Newsfile Corp. - October 28, 2024) - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\")  is pleased to announce that it's wholly-owned subsidiary has entered into a farmout agreement (the \"Agreement\") with a wholly-owned subsidiary of Monumental Energy Corp. (\"Monumental\").Pursuant to the Agreement, Monumental is entitled to participate in the repair and workover of two wells, Copper Moki 1 & 2 (\"CM 1 & 2\") in order to restart production. The wells are located in a permitted block in the Taranaki Basin, New Zealand in which NZEC holds a 100% interest.In exchange for paying for the workovers, which are estimated to cost approximately NZ$800,000, Monumental will be entitled to 75% of the oil and gas revenue, net of production costs, until its investment is recovered after which it will have a 25% net revenue interest, or royalty, in the permit.Monumental and NZEC expect the workovers will begin within Q4 2024, subject to the satisfaction of the condition's precedent under the Agreement, which include the final approval of the TSX Venture Exchange (the \"Exchange\") of the Agreement, the applicable consent of the Minister in New Zealand in accordance with the New Zealand Crown Minerals Act 1991, and the availability of the requisite equipment and personnel to carry out the workovers. Monumental is a Non-Arm's Length Party under the policies of the Exchange, as Frank Jacobs is a director of Monumental and NZEC, and Bill Treuren is a director of Monumental's subsidiary and NZEC. The Company and Monumental are evaluating other opportunities in the New Zealand oil and gas industry for collaboration. Monumental holds approximately 8.0% of the issued and outstanding capital of NZEC.On behalf of the Board of DirectorsMike Adams, Chief Executive OfficerNew Zealand Energy Corp.Tel: +64-6-757-4470‎New Zealand Energy Corp. 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: This news release contains \"forward-looking information\" within the me...