New Zealand Energy Corp Announces Third Quarter 2022 Results

New Zealand Energy Corp Announces Third Quarter 2022 Results

Wellington, New Zealand–(Newsfile Corp. – November 25, 2022) – New Zealand Power Corp. (TSXV: NZ) (“NZEC” or the “Firm”) in the present day introduced that it has filed with Canadian regulatory authorities its third quarter 2022 consolidated assertion of monetary outcomes and administration’s dialogue and evaluation, which paperwork can be found on the Firm’s web site at and on SEDAR at

Commenting on the corporate’s third quarter 2022 outcomes, Chairman James Willis mentioned: “The outcomes resulted in a complete complete lack of $318,741. (2021: lack of $385,465). There was a lower of 296 $ of money held ($462,976 was held on the finish of the quarter) Money supplied by working actions for the quarter was $611,940 (2021: $50,696 used). achieved common internet day by day manufacturing of roughly 86 boe/d (88% oil) by the third quarter.”

Regarding Waihapa/Ngaere, the fuel lifting with the compressor acquired final 12 months is in progress with the connection of the Northern Ngaere wells in progress. The Firm additionally intends to make use of these licenses for carbon sequestration.

Relating to improvement operations, Mr. Willis commented, “Tariki is a precedence for the corporate. Licensees are making progress in utilizing the Tariki area for fuel storage.”

The information signifies that as much as 15PJ of fuel may be saved within the Tariki formation with injection and manufacturing at a price of 25TJ/day from a single effectively (and as much as 75TJ/day from 3 wells).

Through the third quarter, the Tariki three way partnership engaged RPS Power Canada Restricted (“RPS”) to organize an impartial report on the oil and fuel reserves of the Tariki area, the analysis of which was obtained after the top of the third quarter. . The Tariki three way partnership plans to drill a effectively upstream at Tariki in 2023.

Here’s a abstract of the RPS analysis:

  • Undeveloped reserves have been allotted to the deliberate new effectively to be drilled into the crest of the Tariki Sandstone Member throughout the thrust construction of the sphere throughout 1H 2023;

  • The gross (earlier than royalties) internet remaining reserves for NZEC are:

    • 3.20 PJ (2.56 Bcf) of fuel and 51.9 thousand barrels of Confirmed (1P) condensate storage

    • 6.88 PJ (5.50 Bcf) of fuel and 136.9 thousand barrels of Confirmed Plus Possible (2P) condensate storage

    • 9.24 PJ (7.39 Bcf) of fuel and 205.8 thousand barrels of Confirmed plus Possible plus Attainable (3P) condensate storage (1)

  • Web current worth of internet future money flows for NZEC of:

    • NZ$14.66 million after tax for proved reserves (1P) with a ten% low cost

    • NZ$37.09 million after tax for confirmed plus possible (2P) reserves at a ten% low cost

    • NZ$45.56 million after tax for proved, possible and attainable (3P) reserves with a ten% low cost (1)

    • Tax losses of NZ$50 million have been coated in all instances

  • The important thing assumptions (on a 100% foundation with 50% internet topic prices for NZEC) are:

    • New effectively drilled within the first half of 2023 at a price of NZ$8.25 million

    • Manufacturing services put in within the first half of 2023 at a price of NZ$1.75 million

    • Pipelines exist from the Tariki-A web site to the NZEC Waihapa manufacturing facility and are related to export routes

    • Fastened working prices of NZ$0.5 million per 12 months, inflated by 2%

    • Variable working prices of NZ$1.50/Mcf and $8.24/stb inflated to 2%

    • Fuel worth of NZ$8.93 in 2023 elevated by 2% per 12 months

    • Condensate worth of NZ$139.56/bbl (derived from Brent at $95/bbl) in 2023 and $124.06/bbl (derived from Brent at $85/bbl) in 2024 inflated 2% from 12 months later

(1) Attainable reserves are further reserves whose restoration is much less sure than possible reserves. There’s a 10% likelihood that the portions truly recovered will equal or exceed the sum of Proved Plus Possible Plus Attainable Reserves.

With respect to the corporate’s C$2,000,000 convertible mortgage facility with Arizona Finance Restricted, the time period of this settlement has been prolonged to Could 31, 2023.

The Group intends to finance its dedication to numerous improvement initiatives and to repay the convertible mortgage both by promoting potential fuel rights and/or by elevating further capital.

On behalf of the Board of Administrators

“James Willis”


New Zealand Power Firm.

Power contacts in New Zealand

E mail: [email protected]
Web site:

Neither the TSX Enterprise Trade nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Trade) accepts accountability for the adequacy or accuracy of this launch.


This doc, the consolidated monetary statements for the three months ended September 30, 2022 and the MD&A comprise sure forward-looking info, forward-looking statements (“forward-looking statements”). The reader’s consideration is especially drawn to the reservations, disclosures and warnings contained in these paperwork regarding forward-looking statements and estimates of reserves and assets.

The Firm notes that these forward-looking statements are topic to quite a few dangers and uncertainties, a few of that are past NZEC’s management, the affect of common financial circumstances, trade circumstances, commodity worth volatility, fluctuations in currencies, inaccuracy of reserve estimates, environmental dangers, operational dangers associated to exploration and improvement, competitors from different trade gamers, lack of certified personnel or administration, market volatility inventory exchanges and the flexibility to entry ample capital from inner and exterior sources. Though the Firm believes that the expectations contained in its forward-looking statements are affordable, they’re primarily based on elements and assumptions about future occasions that will show to be inaccurate. These elements and assumptions are primarily based on at the moment accessible info. These statements are topic to recognized and unknown dangers, uncertainties and different elements that might affect precise outcomes or occasions and trigger precise outcomes or occasions to vary materially from these expressed, anticipated or implied in forward-looking info.

As such, readers are cautioned to not place undue reliance on forward-looking info, as no assurance may be given as to future outcomes, ranges of exercise or achievements. All forward-looking statements are made as of the date of this doc or the date of the paperwork referenced above, besides as required by relevant regulation, the Firm undertakes no obligation to publicly replace or revise any any forward-looking statements. , whether or not because of new info, future occasions or in any other case.

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