Latest news with #NZEC
Globe and Mail
04-06-2025
- Business
- Globe and Mail
New Zealand Energy Corp Announces 2025 Quarter 1 Results
Vancouver, British Columbia--(Newsfile Corp. - June 3, 2025) - New Zealand Energy Corp. (TSXV: NZ) ("NZEC" or the "Company") announced today it has filed with Canadian regulatory authorities its Q1 2025 consolidated financial results and an accompanying management discussion and analysis report, which documents are available on the Company's website at and on SEDAR at Commenting on the Company's first quarter 2025 results, CEO Mike Adams said "The results saw a total comprehensive loss of $994,550. (2024: loss of $914,919). There was a $965,615 decrease in cash held ($155,930 was held at the end of the quarter). Cash used in operating activities for the quarter was $665,681 (2024: used $397,608)." With respect to development operations, Mr Adams commented: "New Zealand Energy Corp. (NZEC) shifted its primary focus to the Tariki Gas Field conversion project in Q1 2025. The decline in gas rate at the Tariki-5A well in January prompted an immediate change in priorities. In the short term, NZEC has been restoring accessible Waihapa-Ngaere wells to production. By the end of Q1, four wells were added back into production, with two more expected by the end of Q2, aiming for rates of ~50 to 80 bopd (NZEC share 25 to 40 bopd). Additionally, two Copper Moki workovers in June 2025 are expected to add ~200 bopd (NZEC share) and 0.2 mmscf/d of associated gas, enabling gas sales to market from late June 2025 via the Cheal Production Station. Along with the Q1 and Q2 2025 production activities, aimed at restoring positive cash flow, the focus is the Tariki Gas Storage development. Reservoir studies have commenced, with initial recommendations expected in mid-June 2025. Detailed project deliverables will be available in early August 2025, defining gas storage capacity, cushion gas requirements, and long-term storage behaviours. In parallel, NZEC has started storage facility development concept studies and is in commercial discussions with potential gas storage customers. With this work in progress, NZEC is well-positioned to advance the Tariki Gas Storage project to the Final Investment Decision (FID) stage within the next 12 months, and then to prioritise opportunities within its remaining existing acreage." On behalf of the Board of Directors "Mike Adams" CEO New Zealand Energy Contacts Neither 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 ESTIMATES This document, the consolidated financial statements for the year ended 31 March 2025 and the Management's Discussion and Analysis contain certain forward- looking information, forward-looking statements ("forward-looking statements"). The reader's attention is specifically drawn to the qualifications, disclosure and cautionary statements in these documents regarding forward-looking statements and reserve and resource estimates. 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 the ability to access sufficient capital from internal and external sources. Although the Company believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information. As such, readers are cautioned not to place undue reliance on the forward-looking information, as no assurance can be provided as to future results, levels of activity or achievements. All forward-looking statements are made as of the date of this document or the date of the documents referenced above, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise.
Yahoo
04-06-2025
- Business
- Yahoo
New Zealand Energy Corp Announces 2025 Quarter 1 Results
Vancouver, British Columbia--(Newsfile Corp. - June 3, 2025) - New Zealand Energy Corp. (TSXV: NZ) ("NZEC" or the "Company") announced today it has filed with Canadian regulatory authorities its Q1 2025 consolidated financial results and an accompanying management discussion and analysis report, which documents are available on the Company's website at and on SEDAR at Commenting on the Company's first quarter 2025 results, CEO Mike Adams said "The results saw a total comprehensive loss of $994,550. (2024: loss of $914,919). There was a $965,615 decrease in cash held ($155,930 was held at the end of the quarter). Cash used in operating activities for the quarter was $665,681 (2024: used $397,608)." With respect to development operations, Mr Adams commented: "New Zealand Energy Corp. (NZEC) shifted its primary focus to the Tariki Gas Field conversion project in Q1 2025. The decline in gas rate at the Tariki-5A well in January prompted an immediate change in priorities. In the short term, NZEC has been restoring accessible Waihapa-Ngaere wells to production. By the end of Q1, four wells were added back into production, with two more expected by the end of Q2, aiming for rates of ~50 to 80 bopd (NZEC share 25 to 40 bopd). Additionally, two Copper Moki workovers in June 2025 are expected to add ~200 bopd (NZEC share) and 0.2 mmscf/d of associated gas, enabling gas sales to market from late June 2025 via the Cheal Production Station. Along with the Q1 and Q2 2025 production activities, aimed at restoring positive cash flow, the focus is the Tariki Gas Storage development. Reservoir studies have commenced, with initial recommendations expected in mid-June 2025. Detailed project deliverables will be available in early August 2025, defining gas storage capacity, cushion gas requirements, and long-term storage behaviours. In parallel, NZEC has started storage facility development concept studies and is in commercial discussions with potential gas storage customers. With this work in progress, NZEC is well-positioned to advance the Tariki Gas Storage project to the Final Investment Decision (FID) stage within the next 12 months, and then to prioritise opportunities within its remaining existing acreage." On behalf of the Board of Directors "Mike Adams" CEO New Zealand Energy Contacts Tel: +64-6-757-4470Email: info@ Website: Neither 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 ESTIMATES This document, the consolidated financial statements for the year ended 31 March 2025 and the Management's Discussion and Analysis contain certain forward- looking information, forward-looking statements ("forward-looking statements"). The reader's attention is specifically drawn to the qualifications, disclosure and cautionary statements in these documents regarding forward-looking statements and reserve and resource estimates. 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 the ability to access sufficient capital from internal and external sources. Although the Company believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information. As such, readers are cautioned not to place undue reliance on the forward-looking information, as no assurance can be provided as to future results, levels of activity or achievements. All forward-looking statements are made as of the date of this document or the date of the documents referenced above, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise. To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
03-06-2025
- Business
- Yahoo
New Zealand Energy Corp Announces 2024 Quarter 4 Results
Vancouver, British Columbia--(Newsfile Corp. - June 3, 2025) - New Zealand Energy Corp. (TSXV: NZ) ("NZEC" or the "Company") announced today it has filed with Canadian regulatory authorities its Q4 2024 consolidated financial results and an accompanying management discussion and analysis report, which documents are available on the Company's website at and on SEDAR at Commenting on the Company's 2024 end of year results, CEO Michael said "The results saw a loss of $8,179,276 (compared to the 2023 loss of $2,075,929) which included significant non-cash expenses including depreciation and depletion. Overall, there was a $3,568 increase in cash at year end and $1,131,605 was held as at 31 December 2024. Cash used by operating activities was ($1,962,125), compared to 2023 of $1,404,159 of cash used by operations. The Company achieved average net daily production of 17 boe/d (98% oil) through 2024 compared to 27 boe/d (99% oil) during 2023. Waihapa/Ngaere production was curtailed through Q4 2024 while the Tariki-5/5A well was being drilled and tested, and there was no oil production from Copper Moki through the whole year. With respect to development operations, Mr Adams commented: "In the final quarter of 2024, the Tariki-5A gas development and storage well was successfully drilled, confirming the anticipated excellent reservoir quality, and the initial flow test results were very encouraging. However, since February 2025, the well has faced challenges in maintaining continuous flow due to liquid loading in the 3.5" completion, which was initially optimized for gas storage operations. This issue has led to an earlier focus on converting the field to gas storage operations than originally planned, and work on this conversion is currently underway. The Copper Moki-1 and -2 wells have been out of service since 2022 and 2023, respectively, due to pump failures. Plans to work over these wells in the second quarter of 2025 are progressing as scheduled, with the RIVAL rig set to arrive at the location in early June 2025. This joint project with Monumental Energy Corp. (MNRG) has the potential to add more than 200 barrels of oil per day (bopd) and associated gas to the company's production by the end of Q2 2025. At the Waihapa-Ngaere oil field, efforts are in progress to bring several wells back into continuous production service. This work involves a combination of surface and sub-surface low-cost interventions and is expected to be completed in the third quarter of 2025. The company anticipates that this will result in a further uplift in oil production of 25 to 40 bopd (100% share). With these production redevelopments in place, New Zealand Energy Corp. (NZEC) will be well-positioned to advance the Tariki Gas Storage project through to the Final Investment Decision (FID) stage. Following that, the company will continue with the appraisal and exploration of opportunities within the acreage it already holds." On behalf of the Board of Directors "Mike Adams" CEO New Zealand Energy ContactsEmail: info@ Website: Neither 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 ESTIMATES This document, the consolidated financial statements for the year ended 31 December 2024 and the Management's Discussion and Analysis contain certain forward- looking information, forward-looking statements ("forward-looking statements"). The reader's attention is specifically drawn to the qualifications, disclosure and cautionary statements in these documents regarding forward-looking statements and reserve and resource estimates. 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 the ability to access sufficient capital from internal and external sources. Although the Company believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information. As such, readers are cautioned not to place undue reliance on the forward-looking information, as no assurance can be provided as to future results, levels of activity or achievements. All forward-looking statements are made as of the date of this document or the date of the documents referenced above, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise. To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
03-06-2025
- Business
- Yahoo
New Zealand Energy Corp Announces 2024 Quarter 4 Results
Vancouver, British Columbia--(Newsfile Corp. - June 3, 2025) - New Zealand Energy Corp. (TSXV: NZ) ("NZEC" or the "Company") announced today it has filed with Canadian regulatory authorities its Q4 2024 consolidated financial results and an accompanying management discussion and analysis report, which documents are available on the Company's website at and on SEDAR at Commenting on the Company's 2024 end of year results, CEO Michael said "The results saw a loss of $8,179,276 (compared to the 2023 loss of $2,075,929) which included significant non-cash expenses including depreciation and depletion. Overall, there was a $3,568 increase in cash at year end and $1,131,605 was held as at 31 December 2024. Cash used by operating activities was ($1,962,125), compared to 2023 of $1,404,159 of cash used by operations. The Company achieved average net daily production of 17 boe/d (98% oil) through 2024 compared to 27 boe/d (99% oil) during 2023. Waihapa/Ngaere production was curtailed through Q4 2024 while the Tariki-5/5A well was being drilled and tested, and there was no oil production from Copper Moki through the whole year. With respect to development operations, Mr Adams commented: "In the final quarter of 2024, the Tariki-5A gas development and storage well was successfully drilled, confirming the anticipated excellent reservoir quality, and the initial flow test results were very encouraging. However, since February 2025, the well has faced challenges in maintaining continuous flow due to liquid loading in the 3.5" completion, which was initially optimized for gas storage operations. This issue has led to an earlier focus on converting the field to gas storage operations than originally planned, and work on this conversion is currently underway. The Copper Moki-1 and -2 wells have been out of service since 2022 and 2023, respectively, due to pump failures. Plans to work over these wells in the second quarter of 2025 are progressing as scheduled, with the RIVAL rig set to arrive at the location in early June 2025. This joint project with Monumental Energy Corp. (MNRG) has the potential to add more than 200 barrels of oil per day (bopd) and associated gas to the company's production by the end of Q2 2025. At the Waihapa-Ngaere oil field, efforts are in progress to bring several wells back into continuous production service. This work involves a combination of surface and sub-surface low-cost interventions and is expected to be completed in the third quarter of 2025. The company anticipates that this will result in a further uplift in oil production of 25 to 40 bopd (100% share). With these production redevelopments in place, New Zealand Energy Corp. (NZEC) will be well-positioned to advance the Tariki Gas Storage project through to the Final Investment Decision (FID) stage. Following that, the company will continue with the appraisal and exploration of opportunities within the acreage it already holds." On behalf of the Board of Directors "Mike Adams" CEO New Zealand Energy ContactsEmail: info@ Website: Neither 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 ESTIMATES This document, the consolidated financial statements for the year ended 31 December 2024 and the Management's Discussion and Analysis contain certain forward- looking information, forward-looking statements ("forward-looking statements"). The reader's attention is specifically drawn to the qualifications, disclosure and cautionary statements in these documents regarding forward-looking statements and reserve and resource estimates. 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 the ability to access sufficient capital from internal and external sources. Although the Company believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information. As such, readers are cautioned not to place undue reliance on the forward-looking information, as no assurance can be provided as to future results, levels of activity or achievements. All forward-looking statements are made as of the date of this document or the date of the documents referenced above, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise. To view the source version of this press release, please visit Sign in to access your portfolio
Yahoo
13-05-2025
- Business
- Yahoo
New Zealand Energy Corp. Announces Agreement to Cancel Outstanding Loan
Vancouver, British Columbia--(Newsfile Corp. - May 12, 2025) - New Zealand Energy Corp. (TSXV: NZ) ("NZEC" or the "Company") announced today that, further to its July 20, 2021, August 16, 2021, July 18, 2022, October 31, 2022, April 6, 2023 and October 20, 2023 news releases, in connection with the CAD$2,000,000 loan agreement (the "Loan") plus accrued interest of CAD $753,997, currently held by Vliet Financing B.V. ("Vliet"), the Company has entered into an agreement (the "Agreement") dated May 8, 2025, with Vliet, to terminate the Loan in exchange for the payment by the Company to Vliet of CAD$500,000 and the issuance of 1,000,000 common shares of NZEC. In the event that the Company has been unable to make the payments to Vliet on or before July 31, 2025, Vliet has agreed to extend the maturity date of the Loan to September 20, 2026. In addition, pursuant to the Agreement, the Loan has been amended to be non-convertible. The Agreement is subject to a partial or full revocation of the existing failure to file cease trade order issued by the British Columbia Securities Commission on May 6, 2025, and subject to approval of the TSX Venture Exchange. Vliet is a company controlled by Frank Jacobs, Chairman and a director of NZEC, and therefore the termination of the Loan pursuant to the Agreement is a related party transaction for the purposes of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (the "Related Party Policies"). NZEC has determined that exemptions from the various requirements of the Related Party Policies are available in connection with the Agreement (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than $2,500,000). On behalf of the Board of Directors "Michael Adams" CEO New Zealand Energy ContactsTel: +64-6-757-4470Email: info@ Website: Neither 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, including future plans and objectives, the Loan and the Agreement. 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 on information currently available to NZEC and on assumptions NZEC believes are reasonable. These assumptions include, but are not limited to: the underlying value of NZEC and its common shares, TSX Venture Exchange approval of the Agreement; NZEC's current and initial understanding and analysis of its projects and the development required for such projects; the costs of NZEC's projects; NZEC's general and administrative costs remaining constant; and the market acceptance of NZEC's business strategy. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of NZEC to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; industry condition; volatility of commodity prices; imprecision of reserve estimates; environmental risks; operational risks in exploration and development; general capital market conditions and market prices for securities; delay or failure to receive board or regulatory approvals; the actual results of future operations; competition; changes in legislation, including environmental legislation, affecting NZEC; the timing and availability of external financing on acceptable terms; and lack of qualified, skilled labour or loss of key individuals. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in NZEC's disclosure documents on the SEDAR+ website at Although NZEC has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of NZEC as of the date of this news release and, accordingly, is subject to change after such date. However, NZEC expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law. To view the source version of this press release, please visit
