Wellington, New Zealand – (Newsfile Corp. – November 25, 2021) – New Zealand Energy Corp. (TSXV: NZ) (“NZEC” or the “Company”) announced today that it has filed with Canadian regulatory authorities its third quarter 2021 consolidated report financial results and MD&A, which documents are available at the Company’s website at www.newzealandenergy.com and on SEDAR at www.sedar.com.
Commenting on the company’s third quarter 2021 results, President and CEO James Willis said, “The results showed a total aggregate loss of $ 385,465. (2020: loss of $ 35,043). of the quarter) with $ 2,142,822 spent during the quarter on the Tariki 3D seismic project. Cash used in operating activities for the quarter was $ 50,696 (2020: $ 886,676 used). The Company achieved an average daily net production of ~ 87 boe / d (90% oil) at Q3. “
The Company expects the commissioning in the fourth quarter of a new compressor to restart gas extraction from wells selected on the Waihapa Nagere permits. The objective of this project is to increase oil production in these permits.
Processing of the new 3D seismic data acquired on the Tariki permit is well advanced and preliminary interpretations should be available in the first quarter of 2022.
On behalf of the board of directors
President and CEO
New Zealand Energy Corp.
Energy contacts in New Zealand
Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that 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 CAUTION REGARDING RESERVATION ESTIMATES
This document, the consolidated financial statements for the quarter ended September 30, 2021 and the management report contain certain forward-looking information, forward-looking statements (“forward-looking statements”). The reader’s attention is specifically drawn to the reservations, disclosures and cautions contained in these documents concerning forward-looking statements and estimates of reserves and resources.
The Company notes that these forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of NZEC, the impact of general economic conditions, industry conditions, volatility of commodity prices, fluctuations in currencies, imprecision of reserve estimates, environmental risks, operational risks in exploration and development, competition from other industry players, lack of availability of qualified personnel or management, volatility of equity markets and the ability to access sufficient capital from internal and external sources. Although the Company believes that the expectations contained in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be incorrect. These factors and assumptions are based on information currently available. Such statements are subject to known and unknown risks, uncertainties and other factors which 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 forward-looking information, as no assurance can be given 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 to publicly update or revise forward-looking statements. . whether as a result of new information, future events or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105200