New Zealand Energy Awarded East Cape Permit
November 29 2013 - 7:00AM
Marketwired
New Zealand Energy Awarded East Cape Permit
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 29, 2013) - New
Zealand Energy Corp. (TSX-VENTURE:NZ)(OTCQX:NZERF) ("NZEC" or the
"Company") is pleased to announce that the Company has been awarded
a 100% interest in the East Cape Permit. The East Cape Permit
covers approximately 1,048,221 onshore acres (4,242 km2) in the
Raukumara region of the East Coast Basin, on the northeast tip of
New Zealand's North Island. The East Coast Basin is considered
highly prospective with significant resource potential from both
conventional Miocene sands and unconventional oil shales. There are
more than 300 onshore oil or natural gas seeps in the East Coast
Basin. Many have been sourced to two oil shale packages that are
rich in total organic carbon and locally naturally fractured: the
Waipawa and Whangai shale formations.
NZEC now controls 2,036,642 acres (8,242 km2) across four
permits in the East Coast Basin (Figure 1).1 A resource estimate
for NZEC's East Coast Basin permits, completed by Deloitte LLP with
an effective date of February 1, 2011, outlined prospective
resources of 604.5 million barrels of oil.2
NZEC will be the first company to explore the East Cape Permit
since the mid-1980s. The Company's work program for the permit
includes technical studies, reprocessing 145 km of 2D seismic and
acquiring 40 km of new 2D seismic data, and drilling an exploration
well by Q2-2016. NZEC has met with iwi groups from the permit area
and looks forward to continuing to build these relationships as
exploration proceeds.
"With the backdrop of heightened interest in oil shales
worldwide, NZEC now controls the largest exploration portfolio in
New Zealand's East Coast Basin, with more than 2 million acres from
which to explore and unlock the potential of these highly
prospective oil shale packages," said John Proust, Chief Executive
Officer of NZEC. "NZEC's technical work over the last three years
has given us a much greater understanding of the East Coast Basin.
We look forward to advancing our oil shale exploration strategy in
2014."
Additional plans for the East Coast Basin include drilling
exploration wells on both the Castlepoint and Wairoa permits in
2014. The Company will focus its exploration efforts on the East
Cape, Castlepoint and Wairoa permits, and will make a decision
regarding potential relinquishment of the Ranui Permit before
year-end 2013.
NZEC is actively looking for a partner to participate in the
funding, exploration and development of its East Coast Basin
permits.
On behalf of the Board of Directors
John Proust, Chief Executive Officer & Director
About New Zealand Energy Corp.
NZEC is an oil and natural gas company engaged in the
production, development and exploration of petroleum and natural
gas assets in New Zealand. NZEC's property portfolio collectively
covers approximately 2.2 million acres (including permits pending)
of conventional and unconventional prospects in the Taranaki Basin
and East Coast Basin of New Zealand's North Island. The Company's
management team has extensive experience exploring and developing
oil and natural gas fields in New Zealand and Canada. NZEC plans to
add shareholder value by executing a technically disciplined
exploration and development program focused on the onshore and
offshore oil and natural gas resources in the politically and
fiscally stable country of New Zealand. NZEC is listed on the TSX
Venture Exchange under the symbol "NZ" and on the OTCQX
International under the symbol "NZERF". More information is
available at www.newzealandenergy.com or by emailing
info@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.
This document contains certain forward-looking information
and forward-looking statements within the meaning of applicable
securities legislation (collectively "forward-looking statements").
The use of the word "will", "looks forward", "continuing" and
similar expressions are intended to identify forward-looking
statements. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements including, without limitation, the
speculative nature of exploration, appraisal and development of oil
and natural gas properties; uncertainties associated with
estimating oil and natural gas reserves and resources;
uncertainties in both daily and long-term production rates and
resulting cash flow; volatility in market prices for oil and
natural gas; changes in the cost of operations, including costs of
extracting and delivering oil and natural gas to market, that
affect potential profitability of oil and natural gas exploration
and production; the need to obtain various approvals before
exploring and producing oil and natural gas resources; exploration
hazards and risks inherent in oil and natural gas exploration;
operating hazards and risks inherent in oil and natural gas
operations; the Company's ability to execute its planned work
programs; market conditions that prevent the Company from raising
the funds necessary for exploration and development on acceptable
terms or at all; global financial market events that cause
significant volatility in commodity prices; unexpected costs or
liabilities for environmental matters; competition for, among other
things, capital, acquisitions of resources, skilled personnel, and
access to equipment and services required for exploration,
development and production; changes in exchange rates, laws of New
Zealand or laws of Canada affecting foreign trade, taxation and
investment; failure to realize the anticipated benefits of
acquisitions and partnerships; and other factors as disclosed in
documents released by NZEC as part of its continuous disclosure
obligations. Such forward-looking statements should not be unduly
relied upon. The Company believes the expectations reflected in
those forward-looking statements are reasonable, but no assurance
can be given that these expectations will prove to be correct.
Actual results could differ materially from those anticipated in
these forward-looking statements. The forward-looking statements
contained in the document are expressly qualified by this
cautionary statement. These statements speak only as of the date of
this document and the Company does not undertake to update any
forward-looking statements that are contained in this document,
except in accordance with applicable securities laws.
1 NZEC entered into a binding agreement with Westech in October
2012 to acquire an 80% interest and become operator of the Wairoa
Permit. New Zealand Petroleum & Minerals provided preliminary
approval of the acquisition in December 2012. Final approval of the
revised work program and joint arrangement with Westech is
pending.
2 Best estimate of petroleum resources on NZEC's East Cape,
Castlepoint and Ranui permits assuming 9% recovery for conventional
resources and 2% recovery for unconventional resources. A resource
estimate for the Wairoa Permit is pending. See NZEC's Interim
Statement of Reserves and Resources dated October 28, 2013, filed
on SEDAR at www.SEDAR.com.
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/NZ-Nov2913-Figure1.pdf.
North America:New Zealand Energy Corp.John ProustChief Executive
Officer & Director1-855-630-8997New Zealand Energy Corp.Bruce
McIntyreExecutive Director1-855-630-8997New Zealand Energy
Corp.Rhylin BailieVice President Communications & Investor
Relations1-855-630-8997info@newzealandenergy.comwww.newzealandenergy.comNew
Zealand:New Zealand Energy Corp.Chris BushNew Zealand Country
Manager64-6-757-4470
New Zealand Energy (TSXV:NZ)
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