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New Zealand Energy Corp updates status of operation of Ahuroa Gas Storage
Wellington, New Zealand--(Newsfile Corp. - February 3, 2020) - New Zealand Energy Corp. (TSXV:...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp updates status of operation of Ahuroa Gas StorageWellington, New Zealand--(Newsfile Corp. - February 3, 2020) - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") announced today that it had received 12 months notice of termination of the current Ahuroa Gas Storage Facility (AGSF) Operations Agreement. NZEC holds a 50% working interest (with New Dawn Energy Limited) in, and is operator of, the Waihapa Production Station and associated gathering and sales infrastructure (collectively the TWN Assets) which provide a range of services to third parties including operation of the AGSF, oil handling and pipeline throughput, gas processing and transport, LPG storage and produced water handling and disposal. NZEC Chairman James Willis said, \"A notice of termination of the Operations Agreement has been expected since Flexgas took over the AGSF from the previous owner Contact Energy Limited 18 months ago. The financial impact of this termination is hard to assess, as aspects of the current arrangements may be renegotiated. There will also be opportunities to reduce manpower costs.\"NZEC also announces repair of the hole in the tubing in well Ngaere-1 identified in October 2019 and return of the Electric Submersible Pump to service. On behalf of the Board of Directors\"James Willis\"Chairman New Zealand Energy Corp.New Zealand Energy 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 AND CAUTIONARY NOTE REGARDING RESERVE ESTIMATESThis document,contains certain forward- looking information, forward-looking statements (\"forward-looking statements\"). The Company notes that such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond NZEC's control, the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, operational risks in exploration and development, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and t...