Welcome to our dedicated page for New Zealand Energy news (Ticker: NZERF), a resource for investors and traders seeking the latest updates and insights on New Zealand Energy stock.
New Zealand Energy Corp. (NZERF over-the-counter, NZ on the TSX Venture Exchange) is an onshore producing oil and gas company focused on the development of oil, gas, and gas-storage opportunities in New Zealand. Its news flow centers on operational updates in the Taranaki basin, corporate developments, and progress on the Tariki Gas Storage Project, which the company describes as one of its most strategically significant infrastructure developments.
Readers of this news page can review company-issued announcements on production and workover activity at Copper Moki and Waihapa-Ngaere, including recompletions, recommencement of production, and joint venture operations in which New Zealand Energy Corp. reports holding a 50% interest. The company also provides updates on the Tariki Gas Storage Project, covering subsurface modelling, facility concept studies, and collaboration with Genesis Energy Limited under a non-binding memorandum of understanding.
In addition to operational news, New Zealand Energy Corp. regularly discloses capital markets and governance events. These include non-brokered private placements of common shares, shares-for-debt settlements, termination of outstanding loans, and the intended use of proceeds for Tariki gas storage work and general working capital, all subject to TSX Venture Exchange approval. The company also reports on annual general and special meeting results, director elections, auditor appointments, and changes in senior management such as the appointment of a Chief Operating Officer, Chief Financial Officer, Corporate Secretary and General Counsel, Chief Executive Officer, and Executive Chairman.
Investors and observers can use this page to follow how New Zealand Energy Corp. describes the evolution of its New Zealand oil, gas, and gas-storage activities, as well as its financing transactions and board and management changes, through its own news releases and public statements.
New Zealand Energy Corp. (TSXV: NZ) has provided an operational update on the Tariki-5 gas development well. The Tariki Joint Venture, consisting of NZEC Tariki (50%) and L&M Energy (50%), commenced drilling on 30 September 2024. The well is expected to reach a total depth of 2846 m AHRT in 27 days.
Key drilling sections include:
- Tikorangi Limestone (secondary target): 12-14 October 2024
- Tariki Sandstone (primary target): 16-21 October 2024
Contractual arrangements for gas transportation through New Zealand's main gas network and delivery to Genesis Energy have been completed.
New Zealand Energy Corp. (TSXV: NZ) has provided updates on its Tariki-5 gas production and storage project. The Tariki Joint Venture has signed a gas handling agreement with Cheal Petroleum , allowing for processing of up to 8.5 TJ/D of gas. A Gas Sales Agreement with Genesis Energy includes a NZ$2 million upfront payment upon well spudding, expected around September 23, 2024. All necessary contractual arrangements for gas transportation and delivery are complete. Drilling operations are scheduled for completion and tie-in by November 11, 2024. The project aims to address New Zealand's domestic gas shortage by delivering critical and reliable energy resources.
New Zealand Energy Corp. (TSXV: NZ) has released its Q2 2024 financial results, reporting a total comprehensive loss of $2,100,963, compared to a loss of $1,385,085 in 2023. The company's cash position improved, with $3,800,130 held at the end of the quarter, representing a $2,588,788 increase. However, cash used in operating activities rose to $1,541,045, up from $292,118 in 2023.
The company's primary focus remains the Tariki gas development project, with drilling of the Tariki-5 well scheduled to commence in September 2024. NZEC has secured gas processing arrangements and transmission contracts to facilitate production and sales upon completion. Additionally, NZEC announced a gas sale agreement with Genesis Energy , which includes an option to evaluate gas storage at Tariki.
New Zealand Energy Corp. (TSXV: NZ) has announced an update on the Tariki-5 gas well. The Tariki Joint Venture, comprising NZEC Tariki (50%) and L&M Energy (50%), has been informed of a delay in rig mobilization due to mechanical issues with another party's well. Drilling operations are now expected to start on September 23, 2024, with completion and tie-in likely by November 11, 2024. This represents a two-week delay from the original schedule.
Despite the setback, long lead items are expected to be available on time, and permitting is progressing well. The company is also nearing completion of an agreement for gas export and processing, well ahead of production commencement.
New Zealand Energy Corp. (TSXV: NZ) has announced a significant gas sale agreement for its Tariki Joint Venture. The key points include:
- Sale of 2 petajoules (approximately 1.8bcf) of gas from the Tariki-5 well to an arms-length third party offtaker
- Exclusive 12-month negotiation period for potential gas storage in the Tariki field
- NZ$2,000,000 payment to the Joint Venture for the exclusive negotiation right
- Drilling of Tariki-5 well expected to commence in early September 2024
- Gas production anticipated to start in late October or early November 2024
The agreement is subject to consent from the New Zealand Minister of Energy and Resources. NZEC's Chairman, James Willis, described this as a significant milestone for the company, aligning interests with a major New Zealand player.
New Zealand Energy Corp. (NZEC) announced that Auctus Advisors has initiated equity research coverage of the company.
The report evaluates the potential of the upcoming Tariki-5 well and the company's gas storage project. The Tariki-5 well is scheduled to begin drilling on August 23, 2024, with results expected in September. All necessary equipment has been secured.
Due to gas shortages in New Zealand, gas prices have risen to an all-time high of over NZD15 per GJ.
For more details, including the report's target share price and risk assessment, visit Auctus' website.
New Zealand Energy Corp (TSXV: NZ) reported a comprehensive loss of $914,919 for Q1 2024, a significant increase from the $453,500 loss in Q1 2023. Cash holdings decreased by $488,456, leaving the company with $702,977 at quarter-end. Operating activities consumed $397,608 in cash, up from $56,152 in the same period last year. The company is focusing on the Tariki gas development, with drilling set to commence in August and expected completion within 30 days. Production is anticipated to start within four weeks post-completion. In the Copper Moki field, a new pump installation for Copper Moki-2 is expected to enable production by early June, followed by similar work on Copper Moki-1. Additionally, plans are underway to resume continuous production from two Waihapa Ngaere oil wells.
New Zealand Energy Corp. (TSXV: NZ) announced the grant of 1,400,000 stock options to its directors, officers, and consultants, subject to regulatory approval. These options come with an exercise price of C$0.84 and will expire on May 13, 2027. The company utilized exemptions under Multilateral Instrument 61-101 to bypass formal valuation and minority approval requirements, as the fair market value of the options did not exceed 25% of the company's market capitalization. This grant aims to align the interests of key stakeholders with the company's performance goals.
New Zealand Energy Corp. (NZEC) has closed a $5 million non-brokered private placement offering of 6,666,667 common shares at $0.75 per share. The funds will be used for development in the Tariki field, production well repairs in the Copper Moki field, Waihapa field activities, and general working capital purposes. Charlestown Energy Partners, and a company owned by a director subscribed for shares, with the latter's director appointed as a new NZEC board member.
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.
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