New Zealand Energy Corp. Files Second Quarter Financial Statements and Provides Operational Update
Rhea-AI Summary
New Zealand Energy Corp. (OTC: NZERF, TSXV: NZ) reported Q2 2026 net income of $708,775, reversing a net loss of $1,635,593 in Q2 2025, on revenue of $2,160,454. The company ended the quarter with working capital of $1,446,232 and cash and equivalents of $2,055,176 after completing a $3,500,000 private placement.
Oil production rose to 10,950 barrels (NZEC share) versus 1,685 barrels a year earlier, with oil sales of 13,001 barrels generating $1,802,492 at an average realized price of $138.65 per barrel. NZEC also restarted and flow-tested Tariki-5A and Tariki-1A, producing about 120 MMSCF of gas and 1,600 barrels of condensate over 64 days, and plans to restart Tariki gas production in September 2026 alongside further workovers and debottlenecking.
Positive
- Net income $708,775 in Q2 2026 vs. $1,635,593 loss in Q2 2025
- Revenue $2,160,454 in Q2 2026 vs. $225,659 in Q2 2025
- Oil production 10,950 barrels (NZEC share) vs. 1,685 barrels in Q2 2025
- Oil sales revenue $1,802,492 on 13,001 barrels at $138.65 per barrel
- Gas 120 MMSCF and 1,600 barrels condensate produced from Tariki wells over 64 days
- Working capital $1,446,232 and cash $2,055,176 at quarter end
Negative
- $3,500,000 private placement completed during the period, implying share dilution for existing shareholders
AI-generated analysis. How Rhea-AI works. Not financial advice.
Vancouver, British Columbia--(Newsfile Corp. - September 1, 2026) - New Zealand Energy Corp. (TSXV: NZ) ("NZEC" or the "Company") is pleased to report the filing of its financial results for the six-month period ending June 30, 2026. A copy of the Company's financial statements, and management discussion and analysis for the period ending June 30, 2026, are available on SEDAR+ (www.sedarplus.ca) and on the Company's website (www.newzealandenergy.com).
For the three months ending June 30, 2026, NZEC reported net income of
Oil production for the quarter increased to 10,950 barrels (NZEC share), compared to 1,685 barrels in the corresponding period of 2025, reflecting higher production from the Waihapa-Ngaere fields and continued production from Copper Moki. Oil sales revenue rose to
NZEC continues to advance the Tariki gas storage business. Significant progress has been made with respect to commercialization, overall design parameters, and advancing geological interpretation. The 3D reprocessing and mapping of the reservoir will help further refine the gas-in-place numbers. The long-term production test at Tariki-1A and the very low pressure drop observed in the reservoir give the Company strong indications that more cushion gas may be present than previously thought.
NZEC plans to restart Tariki gas production in September 2026. The Company will undertake a workover to enhance the production capability of the Tariki-1A well, with gas and condensate production expected to exceed the approximately 3 mmcf/d (gross) the well averaged in May and June 2026. NZEC will also begin further flow testing of the Tariki-5A well with sand catcher equipment to better understand the well's potential long-term flow rates.
Debottlenecking of the production facilities continues, and extensive planning is underway in preparation for multiple workovers, well activities and production enhancements expected to occur in the fourth quarter of 2026.
Finally, the Company is participating in several applications for additional acreage onshore Taranaki, New Zealand.
The Company will provide further updates on these initiatives as they arise.
About New Zealand Energy Corp.
NZEC is a publicly listed energy company focused on the development of oil, gas, and gas-storage opportunities in New Zealand. The Company holds interests in multiple heritage assets and development-stage projects, including the Tariki Gas Storage Project in Taranaki. With a
For further information:
Toby Pierce, Chief Executive Officer
Email: info@newzealandenergy.com
Phone: +6467574470
Website: www.newzealandenergy.com
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 Statements
This news release contains certain statements and information that constitute forward-looking statements and forward-looking information (collectively, "forward-looking information") within the meaning of applicable Canadian securities laws, including National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). All statements in this release, other than statements of historical fact, are forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "believe", "estimate", "expect", "intend", "plan", "potential", "continue", "may", "will", "should" or "could", or the negative of these terms or similar expressions. Forward-looking information in this release includes, but is not limited to, statements regarding: the anticipated commercialization, design parameters and further development of the Tariki gas storage project; the results of the 3D reprocessing and mapping of the reservoir and any resulting refinement of gas-in-place estimates; the presence and volume of cushion gas within the reservoir; the timing and results of the planned restart of Tariki gas production in September 2026; the timing, scope and results of the planned workover of, and anticipated gas and condensate production from, the Tariki-1A well; the timing and results of further flow testing of the Tariki-5A well; the timing, scope and results of debottlenecking of the production facilities and of planned workovers, well activities and production enhancements expected in the fourth quarter of 2026; and the outcome of the Company's applications for additional acreage onshore Taranaki, New Zealand.
This forward-looking information is based on certain material factors and assumptions, including, without limitation: the continued performance of the Company's existing wells and facilities consistent with past performance; the successful completion of planned workovers, flow tests and facility upgrades within the timelines anticipated; the accuracy of the Company's geological and engineering interpretation of the Tariki reservoir, including gas-in-place and cushion gas estimates; the availability of drilling, workover and other equipment, personnel and services on acceptable terms; and the receipt in a timely manner of any required regulatory, environmental and third-party approvals. While the Company considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking information, including, without limitation: volatility in oil and natural gas prices and foreign exchange rates; the inherent uncertainties in estimating gas-in-place, cushion gas and other resource volumes, which are based on limited well control and reservoir data and may be revised as additional information becomes available; the risk that reservoir performance, including production and pressure-test results, may not be indicative of future performance; the ability to convert gas-in-place and other resource estimates into reserves or commercially recoverable volumes; drilling, completion, workover and facility risks; unanticipated operating events; delays in obtaining, or the inability to obtain, required regulatory, environmental or other third-party approvals, including in respect of acreage applications; the availability of capital, equipment and qualified personnel on acceptable terms; and other risks associated with oil and gas exploration, development, production and storage activities generally.
References in this release to "gas-in-place" and "cushion gas" are estimates of petroleum initially-in-place and are not, and should not be confused with, estimates of reserves or of contingent or prospective resources prepared in accordance with NI 51-101 and the Canadian Oil and Gas Evaluation Handbook. There is no certainty that any portion of such volumes will be discovered, and if discovered, there is no certainty that it will be commercially viable to produce any portion of such resources. These estimates are internal, unaudited and preliminary, have not been evaluated by an independent qualified reserves evaluator, and remain subject to further technical evaluation and revision; actual volumes may vary materially from these estimates. Forward-looking statements are based on management's current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Accordingly, readers should not place undue reliance on forward-looking statements. NZEC does not undertake any obligation to update forward-looking statements, except as required by applicable securities laws. This release is for information purposes only and does not constitute an offer or solicitation to buy or sell any securities.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/312292