New Zealand Energy Completes Acquisition of 80% Interest in Wairoa Permit in New Zealand's East Coast Basin, Relinquishes Ra...
December 13 2013 - 7:00AM
Marketwired
New Zealand Energy Completes Acquisition of 80% Interest in Wairoa
Permit in New Zealand's East Coast Basin, Relinquishes Ranui Permit
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 13, 2013) - New
Zealand Energy Corp. (TSX-VENTURE:NZ)(OTCQX:NZERF) is pleased to
announce that the Company and its wholly-owned subsidiary, NZEC
Wairoa Limited (collectively "NZEC"), have received final approval
from New Zealand Petroleum & Minerals ("NZPAM") to acquire 80%
ownership of the Wairoa Permit (PEP 38346) from Westech Energy New
Zealand ("Westech"), a wholly-owned subsidiary of Energy
Corporation of America. The Wairoa Permit covers 267,862 acres
(1,084 km2) in the East Coast Basin of New Zealand's North
Island.
In October 2012, NZEC entered into a binding agreement with
Westech to become operator of the Wairoa Permit. Unlike other areas
of the East Coast Basin, the Wairoa Permit has been actively
explored for many years, with more than 500 km of 2D seismic data
across the permit and log data from 16 wells drilled on the
property. Since 2012, NZEC has advanced the property by completing
a number of technical studies, reinterpreting existing seismic
data, and acquiring an additional 50 km of 2D seismic data.
In consideration for transfer of the 80% interest, NZEC paid
Westech US$725,000 and assumed responsibility for the work program.
Under the revised work program that has been approved by NZPAM,
NZEC is required to drill one exploration well on the permit by
June 2014 and another by March 2016. Upon completion of the work
program, Westech will refund US$225,000 to NZEC and all future
expenditures for the permit will be funded 80% by NZEC and 20% by
Westech. NZEC has the option to withdraw from the joint venture
after drilling the first exploration well.
NZEC's technical team sees conventional opportunities as well as
potential in the unconventional oil shales that underly the
property. NZEC's team knows the property well and provided
extensive consulting services (through the consulting company Ian R
Brown Associates) to previous permit holders, assisting with
seismic acquisition and interpretation, wellsite geology and
regional prospectivity evaluation. In addition, NZEC's team
assisted with permitting and land access agreements and worked
extensively with local district council, local service providers,
land owners and iwi groups, allowing the team to establish an
excellent relationship with local communities.
NZEC has made the decision to focus its East Coast exploration
efforts on the Wairoa, Castlepoint and East Cape permits and has
made the decision to relinquish the Ranui Permit. As a result, NZEC
now controls 1,813,741 acres (7,340 km2) across three permits in
the East Coast Basin.
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 1.97 million acres 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, and takes a multi-disciplinary
approach to value creation with a track record of successful
discoveries. 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.
Forward-looking Statements
This news release contains certain forward-looking
information and forward-looking statements within the meaning of
applicable securities legislation (collectively "forward-looking
statements"). The use of any of the words "will", "will be", 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, NZEC's
ability to execute the PEP 38346 work program on time or at all;
the speculative nature of exploration, appraisal and development of
oil and natural gas properties; changes in the cost of exploration
and development of oil and gas properties, including costs of
extracting and delivering oil and natural gas to market, that
affect potential profitability of oil and natural gas exploration;
the need to obtain various approvals before exploring and producing
oil and natural gas resources; uncertainty in the timing of receipt
of permits and the Company's ability to extend the permits if
required; exploration hazards and risks inherent in oil and natural
gas exploration; 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 other factors as disclosed in
documents released by NZEC as part of its continuous disclosure
obligations. NZEC 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. Such
forward-looking statements included in this news release should not
be unduly relied upon. These statements speak only as of the date
of this news release and NZEC does not undertake to update any
forward-looking statements that are contained in this news release,
except in accordance with applicable securities laws.
New Zealand Energy Corp.John ProustChief Executive Officer &
DirectorNorth American Toll-free: 1-855-630-8997New Zealand Energy
Corp.Bruce McIntyreExecutive Director & Acting General Manager
ExplorationNorth American Toll-free: 1-855-630-8997New Zealand
Energy Corp.Rhylin BailieVice President Communications &
Investor RelationsNorth American Toll-free: 1-855-630-8997New
Zealand Energy Corp.Chris BushNew Zealand Country ManagerNew
Zealand:
64-6-757-4470info@newzealandenergy.comwww.newzealandenergy.com
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