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New Zealand Energy Corp. clarifies its dividend strategy, emphasizing a 'dividend oriented' approach aiming to return at least 50% of free cashflow to shareholders. The Company has not yet adopted a formal written dividend policy, and there is no guarantee of adopting one in the near future or at all.
New Zealand Energy Corp. announced its Q4 2023 results, reporting a loss of $2,075,929 compared to the 2022 profit of $1,840,340. Cash increased by $694,355 at year-end, with $1,180,393 held as of December 31, 2023. Operating activities used $1,404,159 in cash, compared to $720,088 provided in 2022. Daily production averaged 27 boe/d in 2023, down from 81 boe/d in 2022 due to equipment failure. The company is focused on the Tariki gas development and addressing production issues at Copper Moki wells.
