Business
New Zealand Energy Corp. Provides Operational Update on Tariki-5
New Plymouth, New Zealand--(Newsfile Corp. - October 23, 2024) - New Zealand Energy Corp. (TSXV: ...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp. Provides Operational Update on Tariki-5New Plymouth, New Zealand--(Newsfile Corp. - October 23, 2024) - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") provides the following operational update regarding the drilling of the Tariki-5 gas development well.The Tariki Joint Venture, comprised of the Company's wholly owned subsidiary, NZEC Tariki Limited (as to 50%) and L&M Energy Limited (as to 50%), reports that the Tariki-5 well has been drilled to a total depth of 2,637m. The well has failed to encounter the targeted Tariki Sandstone reservoir and geological results are currently being assessed with a view to sidetracking the well to a nearby location where reservoir sands are anticipated to be present. Planning for a geological sidetrack is currently ongoing and equipment is being mobilized to allow this plan to be executed. In the interim period the rig will be stood down for a brief period to allow the crew to rest the mandatory period, while the necessary planning and preparations can be made.NZEC will provide a further update on the plans for the remainder of the drilling program by 1 November 2024.On behalf of the Board of DirectorsMike Adams, Chief Operating 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 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 and the Tariki Joint Venture, including future plans and objectives, the gas sales agreement, and the Tariki-5 well. 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...