Exploration & Production | Top Story | Quarterly / Earnings Reports
NZEC Outlines Taranaki Development through 2014; Details Reservoir Study
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New Zealand Energy Corp. has released the results of its second quarter ended June 30, 2013.
HighlightsProduction and Development:
Announced development plans for the Taranaki Basin until the end of 2014, forecasting exit production rates of 2,300 BOE/day (applying mid-case assumptions) 48,752 barrels of oil (bbl) produced and 49,204 bbl sold during six-month period, generating pre-tax oil sales of $5.3 million Positive net cash flow from petroleum operations during six-month period of approximately $1.7 million Average field netback during six-month period of $35.10/bbl Substantial reduction to direct production costs at Copper Moki site during June 2013 as a result of the installation of permanent production facilities 56,717 bbl produced and 59,623 bbl sold year to date (August 26…Finish this article — free account or subscription
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