Oil, Gas and Consumable Fuels
Company Overview of New Zealand Energy Corporation
New Zealand Energy Corp., through its subsidiaries, is engaged in the exploration, development, and production of conventional and unconventional oil and natural gas resources in New Zealand. The company also operates midstream assets. Its property portfolio consists of approximately 1.15 million net acres in the Taranaki Basin and East Coast Basin of North Island. As of December 31, 2013, the company’s proved and probable reserves consist of 1.6 million barrels of oil equivalent. New Zealand Energy Corp. was founded in 2010 and is headquartered in Vancouver, Canada.
200 Burrard Street
Vancouver, BC V6C 3L6
Founded in 2010
Key Executives for New Zealand Energy Corporation
Chief Executive Officer
Total Annual Compensation: $360.0K
General Manager of Operations
Total Annual Compensation: $270.9K
Vice President of Finance
Total Annual Compensation: $16.7K
Compensation as of Fiscal Year 2013.
New Zealand Energy Corporation Key Developments
New Zealand Energy Corporation Provides Production and Operational Update
Aug 6 14
New Zealand Energy Corp. provided an update on production and development activities on the company's properties in the Taranaki Basin of New Zealand's North Island. Total corporate production during July 2014 averaged 202 barrels of oil per day (bbl/d) net to NZEC. Production from wells on the company's 100%-owned Copper Moki Mining Permit increased slightly during July, while field production from the TWN Licenses declined in the second half of the month as the result of a compressor failure, which curtailed gas lift for three days. In addition, the TWN wells (with the exception of Toko-2B, which is on high-volume lift) are now operating on a rest and recovery mode rotation, which is intended to optimize production by allowing wells to build up pressure and yield flush production. The TWN JA (the 50/50 NZEC/L&M Energy partnership that owns the TWN Licenses) is currently running well gradient surveys on all of the reactivated wells to help determine the optimum flow period for each well. The Toko-2B well high-volume lift is pumping at the maximum rate of 9,000 boe/d and is still pumping through a high water load. Currently the well is producing approximately 35 bbl/d (100%), but the operations team is optimistic that oil production could still increase from this well.
New Zealand Energy Receives Copper Moki Mining Permit
Jul 29 14
New Zealand Energy Corp. announced that the company has been granted a 943.7 acre (3.819 km2) Petroleum Mining Permit ("Copper Moki Mining Permit") in the Taranaki Basin. The Copper Moki Mining Permit (PMP 55491) has been carved out of NZEC's 100%-owned Eltham Exploration Permit (PEP 51150) to encompass NZEC's Copper Moki and Waitapu oil discoveries. The Copper Moki Mining Permit gives NZEC the right to produce oil and natural gas from the Moki, Mt. Messenger and Urenui formations for a period of eight years, with the option to extend the permit. NZEC currently has four producing oil wells on the Copper Moki Mining Permit: Copper Moki-1, Copper Moki-2, Copper Moki-3 (currently shut-in pending installation of a new pump) and Waitapu-2. Collectively, the wells have produced more than 275,672 barrels of oil since Copper Moki-1 commenced production in December 2011. As a condition of the permit, NZEC has agreed to build an approximately 1.3-km gas pipeline within 18 months, connecting the Waitapu site to existing pipeline infrastructure. The remaining acreage of the Eltham Exploration Permit totals 46,444.2 acres (187.953 km2), of which approximately 40,389 acres is onshore. NZEC's net property portfolio comprises 97,629.9 acres (395.1 km2) in the main production fairway of the Taranaki Basin, and 1,048,406.3 acres (4,242.8 km2) in the East Coast Basin of New Zealand's North Island.
New Zealand Energy Corp. Provides an Update on Production and Development Activities on the Properties in the Taranaki Basin of New Zealand's North Island
Jul 3 14
New Zealand Energy Corp. provided an update on production and development activities on the company's properties in the Taranaki Basin of New Zealand's North Island. To date the company has advanced 12 wells to production: four wells on the Eltham Permit and eight wells on the TWN Licenses. Total corporate production during June 2014 averaged 231 barrels of oil per day net to NZEC, up from an average of 201 bbl/d during May. The production increase was largely the result of flush production from the Ngaere wells on the TWN Licenses, which had been shut-in during May to allow the Company to test the Toko-2B well. Production from NZEC's Copper Moki-1 and Copper Moki-2 wells also increased slightly during June. The Toko-2B well recommenced production on June 28, following a number of workover activities during June. The high-volume lift is pumping at the maximum rate of 9,000 boe/d, with current production of approximately 50 bbl/d (25 bbl/d net to NZEC). Since water continued to flow into the well when it was shut-in, it will take a number of weeks for the ESP to pump through the water to allow the well to begin producing oil at optimal rates. The operations team is encouraged by Toko-2B's performance over the first few days at the increased pumping rate, and is optimistic that oil production will continue to increase.
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