Business
New Zealand Energy Corp. Update on Activities
Wellington, New Zealand--(Newsfile Corp. - February 26, 2017) - New Zealand Energy Corp. (TSXV...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"\nNew Zealand Energy Corp. Update on ActivitiesWellington, New Zealand--(Newsfile Corp. - February 26, 2017) - New Zealand Energy Corp. (TSXV: NZ) (the \"Company\") today provided updated results from recent activities and released an Investor Update presentation covering aspects of the Company's performance since the November 2016 Update. The update and presentation dated 27 February 2017 are available on the Company's website at www.newzealandenergy.com and on SEDAR at www.sedar.com.In providing an update on Company activities, Mike Adams, the Company Chief Executive Officer said, \"In November 2016 we reported successful implementation of Stage 1 of an enhanced oil recovery project in the Waihapa-Ngaere Tikorangi oil reservoir. Since then we have seen continuation of the positive oil response and on the basis of this we have implemented Stage 2 bringing another two wells into high rate fluid production using gas-lift.\"\"The early results from Stage-2 have been encouraging with an increase in oil rate from these wells of approximately 50%. Considering Stages 1 and 2 together we have increased oil production from Waihapa-Ngaere by more than 100%, i.e. from ~70 boepd [net] in June 2016 to ~145 boepd [net] in mid-February 2017. This has been achieved largely by expansion of our existing gas-lift and processing systems and hence has been achieved at low cost. In addition, these results provide further confirmation of the development concepts supporting the enhanced recovery project.\"\"At Copper Moki, production performance from Copper Moki-1 and -2 remains substantially above 2015 levels. The water injection capacity of the Waitapu-2 well has been increased from ~500 bwpd to ~1000 bwpd in order to accelerate the production benefits from the water-flood. Injected water production has recently commenced in Copper Moki-1 and the well has a stable water-cut of less than 20%. The data from the waterflood is being incorporated into updated reservoir analyses and models through the next quarter.\" \"The Company is also working on the discovered and prospective oil and gas volumes remaining in the Tariki Licence area as part of the agreed committed work program. Studies to prioritize restoring production in the Licence show some encouraging opportunities and will be progressed through the balance of 2017.\"\"In relation to the company's...