In less than four years NZEC has established the foundation to build a significant oil and gas company. NZEC holds the largest onshore exploration land package on New Zealand’s north island, with conventional opportunities in the country’s main Taranaki Basin production fairway and both conventional and unconventional potential in the untapped East Coast “new frontier” of New Zealand’s oil shales. The Company has forged strong relationships with local communities and its iwi partners. NZEC’s reputation as a company committed to social and environmental responsibility will be integral to its success as the Company expands exploration activities into new communities. This reputation also helped recruit an experienced team with both New Zealand and Western Canadian sedimentary basins expertise, and NZEC continues to engage industry experts to ensure the capacity and expertise to support the Company’s exploration activities and growth plans.
To secure its plans for long-term growth, NZEC has acquired a 50% interest, in partnership with L&M Energy, in a full-cycle production facility that is central to NZEC's exploration permits. NZEC has proved its geological model with oil discoveries at three different sites and is producing high-quality light oil from 11 wells that sells at Brent pricing. The Company’s near-term plans are focused on growing production and cash flow in the Taranaki Basin, with exploration in the East Coast Basin providing additional long-term opportunities to NZEC’s shareholders.
Early 2010 - John Greig and John Proust conceive idea to participate directly in New Zealand’s burgeoning oil and natural gas exploration opportunities.
April 2010 - Company founded as East Coast Energy Ventures Ltd.
May 2010 - File first permit application for the Castlepoint Permit, an early-stage shale exploration opportunity in the East Coast Basin that appears analogous to Canada’s Bakken play in Saskatchewan (permit granted November 2010).
September 2010 - Newly hired company president Bruce McIntyre attends energy conference and learns of lower-risk, near-term conventional opportunities in the Taranaki Basin.
December 2010 - Receive deed of assignment for Eltham Permit in Taranaki Basin (approved February 2011). Company changes name to New Zealand Energy Corp.
January 2011 - Private placement of 28 million shares at $0.25 per share raises $7.0 million.
January 2011 - Drill Copper Moki-1 discovery well on Eltham Permit.
February 2011 - Private placement of 6.6 million shares at $0.75 per share raises net proceeds of $5.3 million.
February 2011 - Receive deed of assignment for Ranui Permit in East Coast Basin (approved in June 2011).
March 2011 - Acquire Ian R Brown Associates Limited, a highly respected oil and gas consulting firm. IRBA’s experienced technical team joins NZEC.
April 2011 - File preliminary prospectus for initial public offering.
May 2011 - Acquire 50 percent working and operating interest in Alton Permit.
June 2011 - Ranui permit approved change of operator to NZEC (June 27).
July/August 2011 - Spudded Talon-1 well as part of work requirements to acquire 50% of Alton Permit.
August 3, 2011 - Initial public offering completed for net proceeds of $20 million ($21.9M with overallotment). Company begins trading on TSX Venture exchange under symbol NZ.
August 2011 - Copper Moki-1 well flows 1,100 barrels per day of 41.8 API oil and 855 mcf of natural per day over 2-day test.
November 2011 - Copper Moki-1 extended production test complete. Company prepares to achieve continuous production in December 2011.
December 2011 - Copper Moki-1 in commercial production, bringing cash flow to the Company.
February 2012 - Copper Moki-2 flows 5,318 barrels of 41.8 API oil and 4,158 mcf of natural gas over 5-day test.
March 2012 - Copper Moki-2 shut-in for pressure build-up to prepare for continuous production. Copper Moki-3 drilling underway. NZEC announces
$63.5 million bought deal financing to fund accelerated exploration program.
April 2012 - Copper Moki-2 in commercial production. Copper Moki-3 and Copper Moki-4 drilling complete, wells ready for testing.
May 2012 - Oil discoveries in both Copper Moki-3 (Mt. Messenger formation) and Copper Moki-4 (Urenui formation).
May 2012 - NZEC enters into binding agreement with Origin Energy to acquire upstream and midstream assets in the Taranaki Basin, significantly increasing the Company's New Zealand assets from both an exploration and infrastructure standpoint.
July 2012 - Copper Moki-3 commences continuous production. Copper Moki-1 and Copper Moki-2 continue to flow from natural reservoir pressure. Natural gas pipeline complete and tied in to Waihapa Production Station.
September 2012 - Spud Waitapu-1 at new drill pad on Eltham permit. Decision made to case and complete the well.
October 2012 - Spud Waitapu-2. Begin construction of new Arakamu drill pad on Eltham permit. Increase Eltham reserves with interim reserve update. Begin installation of artificial lift on Copper Moki wells to optimize production rates. Enter into JV with Westech Energy to advance the Wairoa permit in the East Coast Basin (NZEC 80 / Westech 20), bringing 214,289 net acres to NZEC's exploration portfolio.
November 2012 - Oil discovery in Waitapu-2 from Mt. Messenger formation. All three Copper Moki wells on artificial lift. Spud Arakamu-2.
December 2012 - Awarded 16,455 onshore acres in New Zealand block offer, to be advanced in a 60/40 partnership with New Zealand Oil & Gas.
February 2013 - Four wells in production, results pending from two additional wells. Retract previous production guidance. Announce new strategy to focus on lower-cost exploration production opportunities that are close to infrastructure, with the objective of increasing near-term production and cash flow while reducing exploration expenditures. Decision to delay remaining two wells in Eltham/Alton drill program and focus on commercial opportunities in the pending acquisition of assets from Origin.
April 2013 - New oil discovery in Arakamu-2 from Mt. Messenger formation. External firm hired to complete a Mt. Messenger reservoir review, looking for opportunities to increase production.
June 2013 - Announce revised terms for acquisition of strategic upstream and midstream assets from Origin Energy.
October 2013 - Completed acquisition of assets from Origin Energy, bringing three new petroleum licenses ("TWN Licenses") and a full-cycle production facility to the Company and increasing NZEC's Proven + Probable oil reserves by 150%.
November 2013 - Reactivated oil production from six existing Tikorangi wells on the TWN Licenses. Initiated new communications strategy, providing monthly production updates.
March 2014 - Recommenced production from the Waitapu-2 well (Eltham Permit). Reactivated oil production from existing Mt. Messenger well on the TWN Licenses. Workover activities underway to commence production from two additional wells. Continue to identify new production opportunities on the TWN Licenses.
June 2014 - Relinquished Castlepoint and Wairoa permits in the East Coast Basin to focus the Company's resources on permits with near-term production opportunities. Retained a 100% interest in the East Cape Permit, which gives the Company more than 1 million acres to explore and unlock the potential of New Zealand's unconventional oil shales.