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New Zealand Energy Secures NZ$5 Million Loan to Advance its Taranaki Assets
Vancouver, British Columbia--(Newsfile Corp. - September 24, 2014) - New Zealand Energy Corp. ...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Secures NZ$5 Million Loan to Advance its Taranaki AssetsVancouver, British Columbia--(Newsfile Corp. - September 24, 2014) - New Zealand Energy Corp. (TSXV: NZ) (OTCQX: NZERF) (\"NZEC\" or \nthe \"Company\") is pleased to announce that the Company has executed a Working Capital Facility Agreement (the \"Facility\") with New Dawn Energy Limited (\"New Dawn\") for up to NZ$5 million. \nNew Dawn is the parent company of L&M Energy Limited, NZEC’s 50% partner in the Tariki, Waihapa and Ngaere Licenses (the \"TWN Licenses\") and the Waihapa Production Station (collectively the \"TWN Assets\") and \nNZEC's 35% partner in the Alton exploration permit, all located in the Taranaki Basin of New Zealand's North Island.\n\n\"Execution of this NZ$5 million working capital facility is the first step in a capital rebuilding process for New Zealand Energy,\" said John Proust, Chief Executive Officer and Director of NZEC. \"New Dawn’s willingness \nto advance funds is a strong vote of confidence in both the quality of the TWN Assets, and the ability of NZEC's team as operator of the assets. \n\n\"The additional working capital will allow NZEC to undertake the activities required to further exploit the TWN Licences, with the objective of increasing oil production,\" continued Mr. Proust. \"In addition, NZEC, as operator of \nthe TWN Assets, is reviewing an opportunity at the Waihapa Production Station that could enable liquefied petroleum gas (LPG) to be extracted, bringing in additional revenue. \n\n\"NZEC has made progress in 2014 to right-size the business, reduce operating costs, and focus on its most promising assets in both the Taranaki and East Coast basins. With this inflow of capital, NZEC’s technical and operations teams can \napply the insight gained from nearly a year of operating the TWN Assets to advance additional production and cash flow opportunities.\" \n\n\"The facility has been put in place to enhance oil and gas production from the TWN wells and expand \nthird-party use of existing TWN income-producing infrastructure,\" said Geoff Loudon, Founder of New Dawn Energy and Chairman of L&M Energy. \"New Dawn and L&M Energy are fully supportive of the joint venture with New Zealand \nEnergy, and look forward to unlocking the full potential of these promising assets.\"\n\nThe Facil...