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

 

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news