New Zealand Energy Corp. Release Third Quarter Results and Updates on Activities

About this update from New Zealand Energy Corp.

[{"type":"text","content":"New Zealand Energy Corp. Release Third Quarter Results and Updates on ActivitiesWELLINGTON, NEW ZEALAND / ACCESSWIRE / November 15, 2016 / New Zealand Energy Corp. (TSXV: NZ) (the \"Company\") today released the results of its third quarter ended 30 September 2016 and provided an update of the results from recent activities. Details of the Company's financial results are described in the Condensed Consolidated Interim Financial Statements for the period ended 30 September 2016 and Management's Discussion & Analysis which are available on the Company's website at www.newzealandenergy.com and on SEDAR at www.sedar.com.\nThe Company made a net loss for the three month period ended 30 September 2016 of $1,126,194. This includes additional costs of $105,000 related to the Copper Moki waterflood and $45,000 in relation to the Waihapa Enhanced Oil project along with non-cash charges of $451,873 for depreciation. By comparison, the loss for the third quarter of 2015 was $806,764 which included the benefit of $175,000 from the back-payment for gas priority processing with Contact together with non-cash charges of $377,857 for depreciation. The Company realized a loss per share for the three month period ended 30 September 2016 of $0.005 (2015: $0.004).\nThe table following shows the results in terms of \"Cash provided by (used in) operating activities ($)\":\n\n \n \n Period Ended\n Year to Date\n 30 September\n 30 June\n 31 March\n \n \n 2016\n (131,768)\n (84,143)\n 5,563\n (53,188)\n \n \n 2015\n (1,351,631)\n (227,264)\n (464,003)\n (660,364)\n \n \n\n \nIn providing an update on Company activities, Mike Adams, the Company Chief Executive Officer said, \"In late 2015 the Company announced its key objectives for 2016 were to operate safely, to grow production volumes and to generate a positive operating cash flow. I am delighted in our safety performance, having achieving 604 days harm free as of today. And we are close to generating positive operating cash flow. Our third priority has been to identify and pursue opportunities within the existing Company assets for low cost production growth.\"\n\"The TWN licences have seen the implementation of Stage-1 of an enhanced oil recovery project with respect to the Waihapa-Ngaere Tikorangi oil reservoir. Stage-1, involving re-designed high fluid rate gas-lift systems, was completed in la...

More updates from New Zealand Energy Corp.