New Zealand Energy Corp. (TSXV: NZ) ("NZEC" or the "Company") announced today it has filed with Canadian regulatory authorities its Q4 2022 consolidated financial results and an accompanying management discussion and analysis report, which documents are available on the Company's website at www.newzealandenergy.com and on SEDAR at www.sedar.com.
Commenting on the Company's 2022 end of year results, Chairman James Willis said, "The results saw a profit of $1,840,340 (compared to the 2020 loss of $993,008) which included an impairment reversal of $1,915,902 and significant non-cash expenses including depreciation and depletion. Overall, there was a $57,952 increase in cash at year end and $527,611 was held as at 31 December 2022. Cash provided by operating activities was $720,088, compared to 2021 when ($198,130) of cash was used by operations."
The Company achieved average net daily production of 81 boe/d (88% oil) through 2022 compared to 99 boe/d (88% oil) during 2021.
With respect to development operations, Mr Willis commented: "Tariki is a focus. The Company is progressing discussions to enable gas storage at the Tariki field."
Regarding Waihapa/Ngaere, gas lifting with the compressor will re-commence after a plant refurbishment, to be followed by tie-in of the Northern Ngaere wells. The Company is investigating the utilization of these licences for carbon sequestration.
Regarding the CAD$2,000,000 Convertible Loan Agreement with Arizona Finance Limited, the term of this Agreement has been extended to July 20, 2024.
On behalf of the Board of Directors "James Willis" Chairman.
James Willis is based in Wellington, New Zealand, and has an extensive background in the oil and gas exploration and production industry particularly focused on commercial and contractual issues affecting industry participants. He was a partner at the New Zealand law firm of Bell Gully for 25 years specializing in oil and gas matters. When he retired from Bell Gully he took up a position as managing director of an Australian oil and gas exploration group which had a large portfolio of offshore permits around Australia and New Zealand. Since returning to New Zealand in 2011 he has held governance positions with and consulted to various participants in the oil and gas exploration sector.
NZEC is led by an experienced senior management team with a strong track record of success in oil and natural gas exploration and development. The team has individually and collectively added corporate value in a number of oil and gas ventures over the past several decades. All NZEC's employees live and work in New Zealand, with an accounting and administration team, a team providing corporate oversight and investor relations, an operations team, a geotechnical team, and also a team operating the Waihapa Production Station.