New Zealand Energy Corp Announces Extension of Term for the Tariki, Waihapa and Ngaere Petroleum Mining Licences (PLMs)
10 June 2016 – Wellington, New Zealand - New Zealand Energy Corp. ("NZEC" or the "Company") (TSX-V: NZ) today announced that the New Zealand regulator, New Zealand Petroleum & Minerals (NZP&M), has granted the Company’s applications for extension of term for the Tariki (PML 38138), Waihapa (PML 38140) and Ngaere (PML 38141) licences.
NZEC is the operator of each PML and holds a 50% permit share with L&M Energy Limited the other 50% permit owner.
The Waihapa and Ngaere PMLs have been extended for a period of 20 years (from 19 June 2016) and the Tariki PML has been extended for a period of 5 years (from 20 July 2016). The Waihapa and Ngaere PML work programmes, as agreed with NZP&M, include requirements on the permit holders to undertake reservoir modelling, field development work and undertake a comprehensive evaluation of prospectivity together with a requirement to restore the Waihapa 1B well to production (Waihapa PML) and implement an enhanced oil recovery project (Ngaere PML).
The agreed work programme for the Tariki PML requires the permit owners to complete dynamic reservoir modelling, determine the economic viability of the permit resource and either commit to implementation of the preferred development project or surrender the permit.
NZEC Chairman James Willis said “we are very pleased to have received NZP&M approval of our PML extension applications which now enable the permit owners to move forward with our field development plans”.
On behalf of the Board of Directors
New Zealand Energy Corp.
New Zealand Energy Contacts
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This document, the consolidated interim financial statements for the period ended 30 September 2016 and Management's Discussion and Analysis contain certain forward- looking information, forward-looking statements (“forward-looking statements”). The reader’s attention is specifically drawn to the qualifications, disclosure and cautionary statements in these documents regarding forward-looking statements and reserve and resource estimates.
The Company notes that such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond NZEC’s control, the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, operational risks in exploration and development, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although the Company believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking information.
As such, readers are cautioned not to place undue reliance on the forward looking information, as no assurance can be provided as to future results, levels of activity or achievements. All forward-looking statements are made as of the date of this document or the date of the documents referenced above, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise.