Exploration & Production | Drilling / Well Results
NZEC Initiates Production at New Zealand Well Fleet; Ups Reserves 145%
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New Zealand Energy Corp. has commenced oil production from two additional wells during March 2014. Workover activities on the TWN Licenses are on track as outlined in previous updates, with the expectation that two additional wells will further add to oil production during April.
John Proust, Chief Executive Officer of NZEC, commented: "NZEC continues to focus on reducing costs while increasing production and cash flow. We expect to report additional production increases in April, and continue to identify new low-cost opportunities on the TWN Licenses that could further add to production in the coming months."
The Company also announced its 2013 year-end reserves, with Proved + Probable (2P) reserves estimated at 1.2 million barrels of oil (1.6 million barrels of oil equivalent1) with an…
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