Latest news with #gasfield
Globe and Mail
2 days ago
- 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.
Trade Arabia
3 days ago
- Business
- Trade Arabia
Fugro secures gas field development deal in Southeast Asia
Fugro has signed a letter of award to perform a site characterisation programme for a deepwater gas field development in Southeast Asia. This significant award represents the largest geotechnical and geophysical survey project for Fugro in the Asia Pacific region to date, reflecting the positive momentum of deepwater developments in the region, the company said. This complex project builds on a combination of Fugro's onshore, nearshore and offshore geophysical and geotechnical survey services. Geo-data acquisition is scheduled to commence in the third quarter of 2025, with fieldwork estimated to last approximately one year. Detailed testing and consulting deliverables will continue into 2027. Supporting site planning and engineering design, the resulting ground model will be made available to project owners in near real-time, to facilitate faster decision-making by project engineers and improved collaboration with stakeholders including regulatory agencies.
Reuters
20-05-2025
- Business
- Reuters
Centrica JV to sell Cygnus gas field stake for $155 million
May 20 (Reuters) - Britain's Centrica (CNA.L), opens new tab said on Tuesday that Spirit Energy, its joint venture with German utility Stadtwerke München GmbH (SWM), will sell a 46.25% stake in the Cygnus gas field to Ithaca Energy (ITH.L), opens new tab for about 116 million pounds ($155.05 million). ($1 = 0.7482 pounds)
Zawya
08-05-2025
- Business
- Zawya
Dana Gas says work progressing at fast pace at Iraq's KM250 gas field
UAE-based energy company Dana Gas said that work on the KM250 gas field in the Khor Mor area is progressing at an accelerated pace, with first gas expected in the first quarter of 2026. Once fully operational, the project is expected to add 250 million standard cubic feet per day (MMSCFD) of processing capacity, boosting Pearl Petroleum's production by 50 percent, the company said in its first quarter 2025 financial report. The project includes the addition of 7,000 barrels per day of condensate and 460 tonnes per day of LPG. In September 2024, Pearl Petroleum took over full responsibility for the KM250 expansion project following the termination of the original EPC contractor. Construction resumed in December. Additionally, Pearl Petroleum launched its initial development at Chemchemal, one of Iraq's largest undeveloped gas fields. A $160 million investment programme is now underway to drill three wells and install an extended well test facility. Production of up to 75 MMSCFD is targeted for the second half of 2026. In Egypt, Dana Gas committed to investing $100 million over the next two years to drill 11 new wells. The company plans to drill three wells this year, with drilling operations for the first well to begin in May 2025 and spudding expected in June 2025, the statement said. (Writing by P Deol; Editing by Anoop Menon) (
