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New Zealand Energy Corp. (TSX-V: NZ) announces the resumption of drilling operations at Tariki-5A on November 18, 2024, following suspension in October 2024. The new wellbore, targeting a location based on data from the primary Tariki-5 well, will be drilled from 2432m depth. The operation includes testing the Tikorangi Formation oil reservoir before reaching the target Tariki sandstone reservoir. Production is expected to begin by December 18, 2024, with output primarily contracted to Genesis Energy. The company also plans to close its previously announced private placement offering by November 20, 2024, subject to TSX Venture Exchange approval.
New Zealand Energy Corp. (TSX-V: NZ) annuncia la ripresa delle operazioni di perforazione presso Tariki-5A il 18 novembre 2024, dopo la sospensione avvenuta nell’ottobre 2024. Il nuovo pozzo, che mira a una posizione basata su dati del pozzo primario Tariki-5, verrà perforato a una profondità di 2432 m. L’operazione include il collaudo del serbatoio di petrolio della Formazione Tikorangi prima di raggiungere il serbatoio di arenaria Tariki. Si prevede che la produzione inizi entro il 18 dicembre 2024, con un output principalmente contratto a Genesis Energy. L’azienda prevede inoltre di chiudere la sua offerta di collocamento privato precedentemente annunciata entro il 20 novembre 2024, soggetto all’approvazione della TSX Venture Exchange.
New Zealand Energy Corp. (TSX-V: NZ) anuncia la reanudación de las operaciones de perforación en Tariki-5A el 18 de noviembre de 2024, tras una suspensión en octubre de 2024. El nuevo pozo, que apunta a una ubicación basada en datos del pozo principal Tariki-5, se perforará a una profundidad de 2432 m. La operación incluye la prueba del reservorio de petróleo de la Formación Tikorangi antes de alcanzar el reservorio de arenisca Tariki. Se espera que la producción comience para el 18 de diciembre de 2024, con una producción contratada principalmente a Genesis Energy. La empresa también planea cerrar su oferta de colocación privada previamente anunciada para el 20 de noviembre de 2024, sujeta a la aprobación de la TSX Venture Exchange.
뉴질랜드 에너지 주식회사 (TSX-V: NZ)는 2024년 10월에 중단된 후 타리키-5A에서의 드릴링 작업을 2024년 11월 18일에 재개한다고 발표했습니다. 새로운 우물은 주요 타리키-5 우물의 데이터에 기반한 위치를 목표로 하며, 2432m 깊이에서 드릴링 될 예정입니다. 이 작업에는 목표 타리키 사암 저수지에 도달하기 전에 Tikorangi 형성의 석유 저수지를 테스트하는 것이 포함됩니다. 2024년 12월 18일까지 생산이 시작될 것으로 예상됩니다, 주요 생산량은 제네시스 에너지와 계약됩니다. 회사는 또한 2024년 11월 20일 이전에 이전에 발표된 사모 배치 공모를 마감할 계획이며, TSX 벤처 거래소의 승인이 필요합니다.
New Zealand Energy Corp. (TSX-V: NZ) annonce la reprise des opérations de forage à Tariki-5A le 18 novembre 2024, après une suspension en octobre 2024. Le nouveau puits, ciblant un emplacement basé sur des données du puits principal Tariki-5, sera foré à une profondeur de 2432 m. L’opération inclut le test du réservoir pétrolier de la formation Tikorangi avant d’atteindre le réservoir de grès Tariki. La production devrait commencer d’ici le 18 décembre 2024, avec une production principalement contractée à Genesis Energy. L’entreprise prévoit également de clore son offre de placement privé précédemment annoncée d’ici le 20 novembre 2024, sous réserve de l’approbation de la Bourse de TSX-Venture.
New Zealand Energy Corp. (TSX-V: NZ) kündigt die Wiederaufnahme der Bohrarbeiten bei Tariki-5A am 18. November 2024 an, nachdem sie im Oktober 2024 ausgesetzt wurden. Die neue Bohrung, die auf einen Standort basierend auf Daten des Hauptbohrlochs Tariki-5 abzielt, wird in einer Tiefe von 2432 m gebohrt. Die Operation umfasst den Test des Ölreservoirs der Tikorangi-Formation, bevor das Zielreservoir aus Sandstein Tariki erreicht wird. Die Produktion wird voraussichtlich bis zum 18. Dezember 2024 beginnen, wobei die Produktion hauptsächlich an Genesis Energy vertraglich gebunden ist. Das Unternehmen plant außerdem, das zuvor angekündigte private Platzierungsangebot bis zum 20. November 2024 abzuschließen, vorbehaltlich der Genehmigung der TSX-Venture-Börse.
Positive
- New drilling operation at Tariki-5A leverages data from previous well for improved targeting
- Production expected to commence by December 18, 2024
- Secured contract with Genesis Energy for primary production output
- Additional revenue potential through spot market sales
Negative
- Initial Tariki-5 well required plugging back, indicating operational challenges
- Additional capital raising through private placement suggests potential cash flow needs
Vancouver, British Columbia–(Newsfile Corp. – November 14, 2024) – New Zealand Energy Corp. (TSX-V: NZ) (“NZEC” or the “Company”) is pleased to announce that that the Tariki-5 well drilling operations suspended in late October 2024 will resume on Monday, November 18, 2024.
The new wellbore will be designated Tariki-5A and has a target location based predominantly upon additional control points gained from drilling the primary Tariki-5 well. The well data and the planned location have been extensively reviewed and is endorsed by external experts.
As discussed in the Company’s October 25, 2024 release, Tariki-5 was plugged back to 2432m, which is inside the 7″ casing. The new sidetrack well will be drilled from immediately above this depth by milling a window in the casing and then directional drilling to the new target. This will also provide a second test of the prospective oil reservoir Tikorangi Formation before drilling ahead to the target Tariki sandstone reservoir. The well is anticipated to reach the planned depth, undergo evaluation and be cased for production by December 1, 2024.
Management of the Company expects that all production facilities will be on schedule and will be ready to commence production soon after completion of the well. Production is nominally expected to start by December 18, 2024 and is contracted primarily to Genesis Energy, with the possibility of additional spot market sales.
Frank Jacobs, Chairman and largest shareholder comments, “with the knowledge of the location of the thrust fault identified by the Tariki-5 wellbore, the sidetrack (Tariki-5A) is decidedly on-track to deliver a viable penetration of the gas reservoir.”
Further to the Company’s news releases dated October 31, 2024, and November 7, 2024, the Company expects to close the previously announced private placement offering (the “Offering”) on or before November 20, 2024, subject to approval of the TSX Venture Exchange. The Company is no longer accepting any additional subscriptions under the Offering.
On behalf of the Board of Directors
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 Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information regarding: the Offering, the potential use of proceeds of the Offering, the closing date for the Offering, the business of the Company and the Tariki Joint Venture, including future plans and objectives, the gas sales agreement, and the Tariki-5 well. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects NZEC’s current beliefs and is based on information currently available to NZEC and on assumptions NZEC believes are reasonable. These assumptions include, but are not limited to: the underlying value of NZEC and its Common Shares, TSX Venture Exchange approval of the Offering; NZEC’s current and initial understanding and analysis of its projects and the development required for such projects; the costs of NZEC’s projects; NZEC’s general and administrative costs remaining constant; and the market acceptance of NZEC’s business strategy. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of NZEC to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; industry condition; volatility of commodity prices; imprecision of reserve estimates; environmental risks; operational risks in exploration and development; general capital market conditions and market prices for securities; delay or failure to receive board or regulatory approvals; the actual results of future operations; competition; changes in legislation, including environmental legislation, affecting NZEC; the timing and availability of external financing on acceptable terms; and lack of qualified, skilled labour or loss of key individuals. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in NZEC’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although NZEC has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of NZEC as of the date of this news release and, accordingly, is subject to change after such date. However, NZEC expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230067
FAQ
When will New Zealand Energy Corp (NZERF) resume drilling at Tariki-5A?
New Zealand Energy Corp will resume drilling operations at Tariki-5A on Monday, November 18, 2024.
What is the expected production start date for Tariki-5A well?
Production from the Tariki-5A well is expected to start by December 18, 2024.
Who is the primary contracted buyer for Tariki-5A production?
Genesis Energy is the primary contracted buyer for production from the Tariki-5A well.
When will New Zealand Energy Corp (NZERF) close its private placement offering?
The company expects to close the private placement offering on or before November 20, 2024, subject to TSX Venture Exchange approval.
