Oil, Gas and Consumable Fuels
Company Overview of New Zealand Energy Corporation
New Zealand Energy Corp., through its subsidiaries, engages in the exploration, production, and development of oil and natural gas prospects in New Zealand. It holds interests in various properties that cover 395 square kilometers located on North Island in the Taranaki Basin. The company also operates midstream assets. As of December 31, 2014, its proved and probable reserves consist of 979,000 barrels of oil. New Zealand Energy Corp. was founded in 2010 and is based in Wellington, New Zealand.
L2, 86-96 Victoria Street
PO Box 24 147
Founded in 2010
Key Executives for New Zealand Energy Corporation
Chief Financial Officer
Total Annual Compensation: $272.1K
General Manager of Operations
Total Annual Compensation: $323.7K
Compensation as of Fiscal Year 2014.
New Zealand Energy Corporation Key Developments
New Zealand New Zealand Energy Corp Announces Commencement of Water Flood Project
Nov 16 15
New Zealand New Zealand Energy Corp. announced that it has commenced a water flood project in the Copper Moki-1 pool with the conversion of the Waitapu-2 well (previously shut-in) from an oil producer to a water injection well. The water flood project has been contemplated for some time but had previously been considered to involve considerable cost. The project as now initiated is low cost, and has been designed to achieve the same outcomes as other higher cost alternatives. Under the project, treated water will be injected into the down-dip Waitapu 2 well, initially at the rate of 200 bbls per day and, with progressively increased injection rates, is expected to increase reservoir pressure in the pool and aid oil recovery from the Copper Moki-1 well.
New Zealand Energy Corporation Reports Earnings Results for the Second Quarter Ended June 30, 2015; Reports Impairment for the Second Quarter Ended June 30, 2015
Aug 26 15
New Zealand Energy Corporation reported earnings results for the second quarter ended June 30, 2015. For the quarter, the net loss was $1,222,855 including non-cash charges of $376,590 for depreciation and $508,235 for impairment compared with $10,164,654 which included non-cash charges of $867,327 for depreciation and $9,331,014 for impairment a year ago. The company realized a loss per share of $0.01 compared to $0.06 a year ago.
For the second quarter ended June 30, 2015, the company reported impairment of $508,235 compared to $9,331,014 a year ago.
New Zealand Energy Corp. Announces Management Changes
Jul 6 15
New Zealand Energy Corp. announced it has appointed Mike Adams as Chief Executive Officer to replace current CEO, David Robinson. Mr. Adams has commenced with the company on July 6, 2015. There will be a period of handover from Mr. Robinson with Mr. Adams formally assuming the CEO role on July 17, 2015. Mr. Adams has 30 years of operational and reservoir engineering experience foremost in New Zealand, but also in Australia, the Middle East and the North Sea. During the initial stages of Mr. Adams' career he worked for the New Zealand national oil company, Petrocorp, where he was involved in initial appraisal and development of the Waihapa field, development of the McKee field and discovery of the Mt Messenger accumulations at Kaimiro. He next worked overseas including engagements with BHP Petroleum and QGPC (Qatar) before returning to New Zealand in 1996 to work for Fletcher Challenge Energy focused in particular on enhanced recovery projects in various Taranaki fields.
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