Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZ Energy Corp targeting 16 producing wells

NZ Energy Corp targeting 16 producing wells as workover programme gathers pace

April 3 (BusinessDesk) – Onshore Taranaki oil producer New Zealand Energy Corp. returned two previously producing wells to production last month and is advancing plans for another three to come on stream by the end of June.

In a statement to the Toronto Stock Exchange overnight, NZEC said it had added 125 barrels per day to its net production totals with the return of the Waitapu-2 and Waihapa-8 wells in the Mt Messenger sandstone formations in March.

The company is now examining options for bringing back three other wells – Waihapa-2, Toko-2B and Waihapa 1B – into production in the second quarter of this year. Toko-2B is currently shut in for installation of high-volume lift operations by mid-April, while artificial lift installation on Waihapa-2 is almost complete.

NZEC currently has 11 producing wells, with up to 16 in prospect with workovers either in train or being examined for Waihapa-2 Waihapa-1B, and the Waihapa-3, 4 and 5 wells.

The three latter wells have produced from the Tikorangi formation in the past, but would target the Mt Messenger geological formation in uphole completion operations.

The company confirmed it had increased proved and probable reserves (2P) by 145 percent at the end of the 2013 financial year, following the acquisition of assets from Origin Energy, to 1.65 million barrels of oil equivalent, with a net present value of C$57.9 million.

NZEC went through a protracted process to purchase the Tariki, Waihapa and Ngaere petroleum licence areas, in the vicinity of Stratford, onshore Taranaki, and the Waihapa production station from Origin. Funding difficulties saw the company enter a joint venture with L&M Energy to complete the purchase.

Headquartered in Vancouver, the company recently announced the appointment of David Robinson as its new chief executive in New Zealand. Robinson has had a high public profile as head of the industry’s lobby group, the Petroleum Exploration and Production Association of New Zealand.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Budget Policy Statement: Spending Wins Over Tax Cuts; Big Ticket Items Get Boost

Income tax cuts are on hold as the government says “responding to the earthquakes and reducing debt are currently of higher priority”, although election year tax sweeteners remain possible. More>>

ALSO:

Fishy: Is Whitebaiting Sustainable?

The whitebait fry - considered a delicacy by many - are the juveniles of five species of galaxiid, four of which are considered threatened or declining. The SMC asked freshwater experts for their views on the sustainability of the whitebait fishery and whether we're doing enough to monitor the five species of galaxiid that make up whitebait. More>>

ALSO:

Crown Accounts: Smaller-Than-Expected Four-Month Deficit

The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first four months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. More>>

ALSO:

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news