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What's cooking with the kiwis on this one.
Good opportunity get in low / average down on this?
Please provide details.
I rembember ENERGY AND CAPITOL saying this was a "strong buy" at around 75 cents haw haw haw they are wrong 90% of the tme..of course when they send you email flyers they only tell you of their few (VERY few) winners like KOG they are EXTREMELY fraudulent
How long until we find a bottom on this one?
Patience is a virtue in this game.
$NZERF - $NZ - New Zealand Energy Announces 2013 Year-End and Fourth Quarter Results and Operational Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 1, 2014) - New Zealand Energy Corp. ("NZEC" or the "Company") (TSX VENTURE:NZ)(OTCQX:NZERF) has released the results of its fourth quarter and fiscal year ended December 31, 2013. Details of the Company's financial results are described in the Audited Consolidated Financial Statements and Management's Discussion and Analysis which, together with further details on the Company's operational activities, are available on the Company's website at www.newzealandenergy.com and on SEDAR at www.sedar.com. All amounts are in Canadian dollars unless otherwise stated.
NZEC will host a conference call May 1, 20141-2pm PST (4-5pm EST)North American toll-free: 1-800-319-4610International / Vancouver callers: 604-638-5340
HIGHLIGHTS
-Ten wells in production at year-end 2013 (2012: four wells)
-77,484 barrels of oil produced and 77,820 barrels of oil sold during 2013 (2012: 162,444 and 162,077)
-Total recorded revenue of $10,662,879 (2012: $16,475,971)
-Significantly improved average field netback during second half of 2013 to $60.34 per barrel (compared to $35.10 per barrel in first six months of 2013)
-Invested $37.7 million in resource properties, plant and equipment during 2013
-Completed acquisition of strategic midstream and exploration assets in the Taranaki Basin, recognizing a Gain on Acquisition of $1.4 million
-Increased 2P Reserves by 145% compared to year-end 2012, with an after tax net present value (10% discount) of $57.9 million
-Cumulative third-party revenue earned to date through Waihapa Production Station of $687,000 (net to NZEC)
-New arrangement with gas marketing counterparty is expected to commence May 5, 2014 and generate between NZ$250,000 and NZ$1 million revenue per year (net to NZEC)
-NZEC retracts its year-end 2014 production guidance
http://www.marketwired.com/press-release/new-zealand-energy-announces-2013-year-end-fourth-quarter-results-operational-update-tsx-venture-nz-1905163.htm
$NZERF - New Zealand Energy Year-End Financial Results and Conference Call
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 30, 2014) - New Zealand Energy Corp. ("NZEC" or the "Company") (TSX VENTURE:NZ)(OTCQX:NZERF) will announce the results for its fourth quarter and fiscal year ended December 31, 2013 before market open on May 1, 2014. The Company will host a conference call to discuss its financial and operational results from 1-2pm PST (4-5pm EST) on May 1, 2014. The conference call will be available for playback for two weeks.
NZEC will host a conference call May 1, 2014
1-2pm PST (4-5pm EST)
North American toll-free: 1-800-319-4610
International / Vancouver callers: 604-638-5340
On behalf of the Board of Directors
John Proust, Chief Executive Officer & Director
About New Zealand Energy Corp.
NZEC is an oil and natural gas company engaged in the production, development and exploration of petroleum and natural gas assets in New Zealand. NZEC's property portfolio collectively covers approximately 1.93 million acres of conventional and unconventional prospects in the Taranaki Basin and East Coast Basin of New Zealand's North Island. The Company's management team has extensive experience exploring and developing oil and natural gas fields in New Zealand and Canada, and takes a multi-disciplinary approach to value creation with a track record of successful discoveries. NZEC plans to add shareholder value by executing a technically disciplined exploration and development program focused on the onshore and offshore oil and natural gas resources in the politically and fiscally stable country of New Zealand. NZEC is listed on the TSX Venture Exchange under the symbol NZ and on the OTCQX International under the symbol NZERF. More information is available at www.newzealandenergy.com or by emailing info@newzealandenergy.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION
New Zealand Energy Corp.
John Proust
Chief Executive Officer & Director
North American toll-free: 1-855-630-8997
New Zealand Energy Corp.
Rhylin Bailie
Vice President Communications & Investor Relations
North American toll-free: 1-855-630-8997
info@newzealandenergy.com
www.newzealandenergy.com
That's awesome korpin! Thank you! I know they have a lot of things going on and we would hear soon but I didn't expect this week
I see us bouncing big from down here at the bottom. I hope you and others that have been here awhile were able to average down a bit.
glta
$NZERF
I wrote to the company asking why all the institutions bailed on this Titantic here is her reply:
Hi Jack. Thank you for your email.
NZEC has never had many institutional investors. This has always been mostly a retail stock, with investors mostly in Canada, some in the States, and also a bit in the UK and in Australia and New Zealand. JP Morgan did have the largest institutional holding and have been gradually selling over the last year. But we’ve never had more than perhaps 5% of our stock held by institutions, so there is nothing unusual in the current shareholder configuration.
We do have a number of broker institutions that hold considerable shares, through their clients and also personally through the main brokers. But of course those holdings don’t show up in public records.
We will be filing our year-end financials tomorrow night and press-releasing the results pre-market on Wednesday. There will be quite a bit of information included in the MD&A, and then we’ll have our next monthly production update on May 5. If you would like to discuss any of these results, once you’ve had a chance to review the documents, please don’t hesitate to get in touch.
Best regards,
Ms. Rhylin Bailie
Vice President, Communications & Investor Relations
New Zealand Energy Corp.
all the institutions have sold except a few left from JP Morgan...I remember ENERGY AND CAPITAL saying this was a great buy when it was like 50 to 75 cents...they are wrong 90% of the time but only talk about 5 or 6 winners they picked over the years (versus like 50 losers....like petro bakken (now lightstream) "strong buy" at over 20.00...gasfrac when it was over 8.00...
looks like the end hopefully not got a few shares I paid .30 for
$NZERF - Buying low and holding
New Zealand Energy Announces Change to Senior Management Team
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 20, 2013) - New Zealand Energy Corp. (TSX VENTURE:NZ)(OTCQX:NZERF) ("NZEC" or the "Company") today announced that Chris Bush will be leaving his position as New Zealand Country Manager effective December 20, 2013.
Chris joined the Company in October 2012 and played a critical role, providing oversight of all in-country activities and establishing sophisticated policies and systems that have greatly enhanced the Company's corporate governance and operational procedures. This allowed the Company's CEO and other key executives to focus their energy on completing the protracted TWN acquisition. During this period, the Company recruited a number of industry professionals to fill key positions in the Company. With the TWN acquisition complete, NZEC's Board of Directors has determined that the senior team in New Zealand has the skill set required to execute the Company's business plan under the oversight of John Proust, NZEC's Chief Executive Officer and Director.
"On behalf of NZEC's Board of Directors and employees, I would like to thank Chris Bush for his significant contributions to NZEC," said John Proust, Chief Executive Officer and Director of NZEC. "Chris' skill set and focus on governance, health and safety and operating procedures has created a corporate structure and culture that will serve us well as the Company continues to grow. We wish Chris well in his future endeavours."
I don't understand this stock.
Maybe the new year will bring some better PPS valuation.
I will be buying in at .25 if it gets there.
I believe its because the price of crude is dropping and some are speculating that it may make a material move downwards. Also NZE has to now prove the reserves which could take a significant amount of capital.
If you watch the action on TAG you will see parallels as they are also in the same geographical area.
whats the problem now???..thought all their ducks were in line now it drops like a rock??....was watching a howard stern show interview of sally jessy Raphael interview and she was saying there were only 1000 passenger automobiles in china (this was early 90's)...did some research there are now 120 MILLION registered passenger cars in china according to internet...dam this stock should be flying!
New Zealand Energy Extends Alton Permit for Second Five-year Term, Provides Update on Eltham and Castlepoint Permits
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 7, 2013) - New Zealand Energy Corp. (TSX VENTURE:NZ)(OTCQX:NZERF) ("NZEC" or the "Company") today announced that it has received approval from New Zealand Petroleum & Minerals ("NZPAM") to extend the Alton Permit (Petroleum Exploration Permit 51151) for a second five-year term.
NZEC owns a 65% interest and is operator of the Alton Permit, through its subsidiary Taranaki Ventures II Limited. NZEC is exploring the permit in a joint arrangement with L&M Energy Limited ("L&M"). NZEC and L&M have received NZPAM approval to extend the exploration term of the permit to September 23, 2018. Concurrent with the extension, NZEC and L&M have relinquished 50% of the Alton Permit. The new permit area comprises 59,565 acres (241.052 km2), bringing NZEC's Taranaki Basin portfolio to 159,864 net acres (646.9 km2) (Figure 1).
The joint venture partners also received an extension to their obligation to drill the Horoi commitment well, along with approval of a new work program for the Alton Permit. The new work program requires NZEC to drill two exploration wells, process 20 km2 of 3D seismic and 20 line km of 2D seismic, and complete a number of technical studies and reports. NZEC plans to drill the first commitment well - the Horoi well - into a Mt. Messenger target commencing in late February 2014.
Eltham Permit
In June 2013, NZEC lodged an application with NZPAM to convert 4,628 acres (18.73 km2) on its 100%-owned Eltham Permit into a Petroleum Mining Permit ("PMP") with an initial duration of 15 years. The land included in the PMP application comprises the Copper Moki field and surrounding acreage with petroleum discoveries. Once the request has been reviewed and approved, NZEC will relinquish 50% of the remainder of the Eltham Permit (which will have been reduced by the area converted to a PMP) as part of the Company's application to extend the permit for its second five-year term to September 2018.
Castlepoint Permit
NZEC has also applied for an amendment to the work program requirements for its 100%-owned Castlepoint Permit in the East Coast Basin. The current work program requires the Company to drill an exploration well in Q4-2013. The Company has initiated the community engagement and technical assessments required to obtain land access agreements and consents for the selected drill location, and has requested an extension for the drilling commitment into the first half of 2014.
To view Figure 1 - NZEC's Taranaki Basin Permits and Infrastructure, please click the following link: http://media3.marketwire.com/docs/TWN47nov2013.jpg
On behalf of the Board of Directors
John Proust, Chief Executive Officer & Director
About New Zealand Energy Corp.
NZEC is an oil and natural gas company engaged in the production, development and exploration of petroleum and natural gas assets in New Zealand. NZEC's property portfolio collectively covers approximately 2.25 million acres (including permits and acquisitions pending) of conventional and unconventional prospects in the Taranaki Basin and East Coast Basin of New Zealand's North Island. The Company's management team has extensive experience exploring and developing oil and natural gas fields in New Zealand and Canada. NZEC plans to add shareholder value by executing a technically disciplined exploration and development program focused on the onshore and offshore oil and natural gas resources in the politically and fiscally stable country of New Zealand. NZEC is listed on the TSX Venture Exchange under the symbol "NZ" and on the OTCQX International under the symbol "NZERF". More information is available at www.newzealandenergy.com or by emailing info@newzealandenergy.com.
New Zealand Energy embarks on transformation as Origin deal closes
Wednesday, October 30, 2013 by Deborah Bacal
New Zealand Energy Corp. (CVE:NZ)(OTCQX:NZERF) has at last closed the acquisition of a package of petroleum mining licenses from Origin Energy Resources in the main Taranaki Basin production fairway, set to boost the company's cash flow and more than double its oil and gas reserves.
The Canadian junior oil and gas producer, which also raised more funds than originally planned through a private placement financing, now owns a 50 per cent interest in the Tariki, Waihapa and Ngaere (TWN) petroleum mining licenses, as well as the Waihapa production station and associated gathering and sales infrastructure.
The remaining 50 per cent is owned by L&M Energy, which will jointly develop the assets together with New Zealand Energy in a 50/50 partnership. New Zealand Energy, which will be the operator, will immediately start its planned development and exploration program on the new properties.
The program is to be made up of reactivation and re-completion of existing wells, in addition to up to eight new wells, including four targeting deeper, high impact targets. The acquisition will no doubt add to the Canadian junior's existing production portfolio in the Taranaki Basin, with the work program forecast to give the company a 2014 exit production rate of 2,300 barrels of oil equivalent per day.
The 50 per cent share of proved and probable reserves attributable to the TWN licenses, estimated at 1.07 million barrels of oil equivalent, is pegged to have a pre-tax net present value of $31.4 million, at a 10 per cent discount rate. New Zealand Energy's share of contingent resources is estimated at 580,000 barrels of oil equivalent, with prospective resources projected at 11.7 million barrels, according to the company's statement, which cites its filings on SEDAR.
"This acquisition more than doubles the company's oil and gas reserves and expands NZEC's presence in New Zealand from both an exploration and infrastructure perspective," said CEO John Proust.
"The new properties offer immediate production and cash flow potential from existing wells, and significant exploration potential across multiple horizons, including the Mt. Messenger and the deeper productive Tikorangi and Kapuni formations."
He said the company will move quickly to implement its development plans for the new assets. The deal is expected to transform New Zealand Energy into a fully integrated upstream/midstream company, positioning it for increased production and cash flow, with the infrastructure and drilling inventory to support long-term growth.
Separately, the company also announced Tuesday that it has closed a $16.1 million non-brokered private placement financing, raising $1.1 million more than its initial objective. Of the funds raised, $8.2 million will be used for financing costs and general working capital, while the rest will be used to finance the acquisition from Origin.
New Zealand Energy issued 48.9 million subscription receipts, at a price of 33 cents apiece, with each convertible into units consisting of one common share and one half of a share purchase warrant. Every whole warrant allows the holder to acquire one share at a price of 45 cents, for a period of one year.
Read more at http://www.stockhouse.com/companies/bullboard/v.nz/new-zealand-energy-corp?postid=21860189#tjG6qocQyaHol6wD.99
New Zealand Energy Closes Oversubscribed Private Placement with Total Capital Raise of $16.1 Million, Completes Acquisition of Upstream and Midstream Assets, and Increases 2P Reserves by 150%
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 29, 2013) - New Zealand Energy Corp. (TSX VENTURE:NZ)(OTCQX:NZERF) ("NZEC" or the "Company") today announced that it has closed the acquisition of strategic upstream and midstream assets (the "Acquisition") from Origin Energy Resources NZ (TAWN) Limited. NZEC now owns a 50% interest in the Tariki, Waihapa and Ngaere Petroleum Mining Licences ("TWN Licences") in the main Taranaki Basin production fairway, as well as the Waihapa Production Station and associated gathering and sales infrastructure (collectively, "TWN Assets"). NZEC and L&M Energy Limited ("L&M") have acquired the assets jointly and formed a 50/50 joint venture to explore, develop and operate the TWN Assets, with NZEC as the operator. NZEC will immediately commence its development and exploration program for the TWN Assets.
Concurrent with closing of the Acquisition, NZEC has booked additional reserves and resources (Table 1). NZEC's 50% share of Proved and Probable Reserves (2P Reserves)1 attributable to the TWN Licences is estimated to have a before tax net present value ("NPV") of $31.4 million (10% discount rate). NZEC's 50% share of 2P Reserves is estimated at 926,350 barrels of oil, 723.9 million cubic feet of natural gas and 25,350 barrels of natural gas liquids, collectively 1,072,350 barrels of oil equivalent2 ("boe"). NZEC's share of Contingent Resources1 is estimated at 580,000 boe, with Prospective Resources1 estimated at 11,706,000 boe. NZEC's current reserve portfolio is summarized in Table 1. Additional information regarding the Company's reserves and resources is available in the Company's Form 51-101F1 Statement of Reserves Data dated April 22, 2013 and in the Company's Interim Statement of Reserves and Resources dated October 28, 2013, both of which are filed on SEDAR at www.sedar.com.
"This acquisition more than doubles the Company's oil and gas reserves and expands NZEC's presence in New Zealand from both an exploration and infrastructure perspective," said John Proust, Chief Executive Officer and Director of NZEC. "The new properties offer immediate production and cash flow potential from existing wells, and significant exploration potential across multiple horizons, including the Mt. Messenger and the deeper productive Tikorangi and Kapuni formations. We will move quickly to implement our development plans for the TWN Assets and look forward to demonstrating the value of this acquisition as our exploration and development program unfolds."
NZEC also announced that the Company has closed a $16.1 million non-brokered private placement, raising $1.1 million more than the original $15 million objective. Of the funds raised, $8.2 million will be used for financing costs and general working capital while the remainder was used to finance the Acquisition (plus a $6 million deposit paid previously).
The Company issued 48.9 million subscription receipts ("Subscription Receipts") at a price of $0.33 per Subscription Receipt. The Subscription Receipts are convertible into units (the "Units") consisting of one common share (a "Share") and one-half of one non-transferable share purchase warrant (each whole warrant referred to as a "Warrant") of the Company. Each Warrant will entitle the holder to acquire one Share at a price of $0.45 with an expiry date of October 28, 2014.
NZEC will file a short form prospectus with the applicable regulatory authorities in each of the provinces of Canada where Subscription Receipts were sold. Each Subscription Receipt will automatically convert into one Unit on the date that a final receipt for the prospectus has been issued by the applicable regulatory authorities. The Shares and the Shares underlying the Warrants will be free-trading on conversion of the Subscription Receipts and exercise of the Warrants.
In relation to the private placement, NZEC paid $1 million in finder's fees and issued three million finder's special warrants. The special warrants will automatically convert into finder's warrants on the date that a final receipt for the prospectus has been issued by the applicable regulatory authorities. Each finder's warrant entitles the finder to acquire one Share at an exercise price of $0.33 with an expiry date of October 28, 2014. The Shares underlying the finder's warrants will be free-trading on conversion of the special warrants and exercise of the finder's warrants.
On behalf of the Board of Directors
John Proust, Chief Executive Officer & Director
1 Reserve and resource estimates for the TWN Licences prepared by Deloitte LLP, with an effective date of April 30, 2013. See Table 1, Cautionary Note Regarding Reserve and Resource Estimates, NZEC's Form 51-101F1 Report and NZEC's Interim Statement of Reserves and Resources.
2 Barrels of oil equivalent (boe) is calculated using a conversion rate of 6 Mcf : 1 bbl and may be misleading, particularly if used in isolation. The boe conversion ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
About New Zealand Energy Corp.
Read more at http://www.stockhouse.com/companies/bullboard/v.nz/new-zealand-energy-corp?postid=21857046#PjxfFCdCoRtUYHpP.99
Great stuff. Thanks for the post.
From the Tag Oil blog:
" Drew on the East Coast Basin…
“We can't give up too much detail at this stage as there is a critical land sale occurring in New Zealand later this year, bid deadline is September 26, and there are few blocks up for bid offsetting us within the East Coast Basin. But I can tell you, we are extremely proud of the operational job we did in the drilling of our first deep test on the East Coast.
Ngapaeruru-1 was drilled without a hitch in about three weeks. We anticipated and encountered extreme overpressures. We encountered swelling mud stones and a few other nasty drilling obstacles that have been a nemesis of past drillers in this tricky basin. But again, our combination of Kiwi experience and North American technology allowed us to drill our well easily, collect all the critical data we intended to, and not have a single environmental health or safety issue.
The small minority of anti-fossil fuel opposition we had before we spudded the well barely had time to organize a protest before we were gone. The vast majority of our neighbors there, all of the regulatory bodies like local and regional councils couldn't believe what a professional operation it turned out to be. Drilling is new to these people. I think they were expecting wooden derricks and a spindle top blowout or something.
The results of this first well were encouraging, to say the least. In order to keep that over pressuring in check, we took no chances and used extremely heavy mud weights while drilling. Despite that, we went from over 1,000 meters of zero oil and gas shows through the over burden to instantaneous strong shows once we entered our target zone. Those shows continued unabated for 155 meters before they instantly disappeared to absolutely no shows again until TD, and that tells us a couple of things.
Number one, the seal looks to be working as no shows were seen above the zone. The zone itself definitely has hydrocarbons in it, but of course that was expected. We knew these source rocks were working from the quality and quantity of oil and gas seeps in this basin, but probably most important is that there seems to be permeability associated with the zone. That's the only way we would see the shows we did even given the high mud weights we were using.
We collected a lot of core, we shot Schlumberger's logs I've never even heard of before focusing on unconventional parameters and we collected live samples of liberated gas from the drilling mud itself. All of this data is now in various labs, mainly in New Zealand and Australia, where we're working with specialists from around the globe to interpret and plan the next step to be taken with the play, and in particular this wellbore.
What I can tell you is, we would definitely be completing this well, probably not for at least three to four months until we get all the data back from the labs and it's all interpreted, but Ngapaeruru-1 was not a red light, it was not an orange light, it is definitely a green light from what we have seen so far.“
http://blog.tagoil.com/
---------------------------------------------------------------
Red
Technical Analysis
Event Date Event Type Opportunity
Type Close
at Event Target Price Range
23 Oct 2013 Price Crossing Moving Average Long-term Bullish 0.44 --
22 Oct 2013 Ascending Continuation Triangle Short-term Bullish 0.41 0.46 - 0.48
21 Oct 2013 Commodity Channel Index Short-term Bullish 0.39 --
21 Oct 2013 Triple Moving Average Crossover Short-term Bullish 0.39 --
21 Oct 2013 Williams %R Short-term Bullish 0.39 --
New Zealand Energy clinches last step to formally close Origin deal later this month
The $33.7 million deal will formally close at 10:00am New Zealand time on October 29, according to the Vancouver-based oil and gas junior's statement released Friday. The $33.7 million deal will formally close at 10:00 am New Zealand time on October 29, according to the Vancouver-based oil and gas junior's statement released Friday.
New Zealand Energy Corp. (CVE:NZ)(OTCQX:NZERF) has now secured New Zealand government approval for the acquisition of upstream and midstream oil and gas assets from Origin Energy (ASX:ORG), the last step required to close the deal that has been in the works since last year.
The $33.7 million deal will formally close at 10:00 am New Zealand time on October 29, according to the Vancouver-based oil and gas junior's statement released Friday.
New Zealand Energy, which has been strategizing to improve its operations, will acquire from Origin the Tariki, Waihapa and Ngaere (TWN) petroleum licenses in the main Taranaki Basin production fairway as a means to generate substantially higher cash flow and production. The deal, which was partly financed by L&M Energy as part of a 50/50 split joint venture agreement to develop the TWN licenses, also includes Waihapa production station and associated infrastructure.
New Zealand Energy said Friday that its technical and engineering teams, together with L&M, have prepared a detailed development and exploration plan for the new assets that will start immediately after the deal wraps up. The program is to be made up of reactivation and re-completion of existing wells, in addition to up to eight new wells, including four targeting deeper, high impact targets. The acquisition will no doubt add to the Canadian junior's existing production portfolio in the Taranaki Basin, with the work program forecast to give the company a 2014 exit production rate of 2,300 barrels of oil equivalent per day.
Investors have been sitting tight for the company to finally complete the acquisition, which is expected to transform New Zealand Energy into a fully integrated upstream/midstream company, positioning it for increased production and cash flow, with the infrastructure and drilling inventory to support long-term growth. The news today follows the completion of the financing for the transaction earlier this month.
"We greatly appreciate the efforts of New Zealand Petroleum & Minerals to expedite the approval process," said CEO of New Zealand Energy, John Proust, in the release Friday.
"We look forward to formally closing the acquisition on October 29 so that we can focus on developing the TWN Assets for the benefit of NZEC's shareholders, L&M and our New Zealand community partners."
The Canadian junior oil and gas play already controls 2.2 million acres of exploration permits on New Zealand’s North island (including one permit pending), where it is producing oil from four wells.
Read more at http://www.stockhouse.com/companies/bullboard/v.nz/new-zealand-energy-corp?postid=21842732#dIAJriAYQuDudf2e.99
Another good day of trades and up bidding.
http://ih.advfn.com/p.php?pid=trades&symbol=TSXV%3ANZ
Another good day of trading.. I believe when all the assets are acquired this will spring up.
Still quite far off of the 52week high. A good buy in my opinion still. I have added a bit in the low .40's and will continue to do so until .50
I know some good people have their eyes on NZ.
GLTA
wonder if institutions getting back in?...close to double volume
Pretty interesting day of trading today here.
High volume. Nice close.
Thanks Dan. Didn't realize I had some friends in this one.
From what I can tell NZ has a good handle on things and I am looking forward to the next year here.
New Zealand Energy Receives Government Approval for Acquisition of Assets
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 18, 2013) - New Zealand Energy Corp. (TSX VENTURE:NZ)(OTCQX:NZERF) ("NZEC" or the "Company") has received New Zealand government approval for the acquisition of strategic upstream and midstream assets (the "Acquisition") from Origin Energy Resources NZ (TAWN) Limited, a wholly-owned subsidiary of Origin Energy Limited (ASX:ORG). The formal closing time for the Acquisition has been set for 10am October 29 New Zealand time (2pm October 28 Vancouver time).
Upon closing, NZEC will hold a 50% interest in the Tariki, Waihapa and Ngaere Petroleum Mining Licenses in the main Taranaki Basin production fairway, as well as the Waihapa Production Station and associated gathering and sales infrastructure (collectively, "TWN Assets"). NZEC and L&M Energy Limited ("L&M") are acquiring the assets jointly and will form a 50/50 joint venture to explore, develop and operate the TWN Assets. NZEC's technical and engineering teams, in collaboration with L&M, have prepared a detailed development and exploration plan for the TWN Assets that will commence immediately upon closing (see NZEC press release dated August 6, 2013).
"We greatly appreciate the efforts of New Zealand Petroleum & Minerals to expedite the approval process," said John Proust, Chief Executive Officer & Director of NZEC. "We look forward to formally closing the acquisition on October 29 so that we can focus on developing the TWN Assets for the benefit of NZEC's shareholders, L&M and our New Zealand community partners."
On behalf of the Board of Directors
John Proust, Chief Executive Officer & Director
About New Zealand Energy Corp.
NZEC is an oil and natural gas company engaged in the production, development and exploration of petroleum and natural gas assets in New Zealand. NZEC's property portfolio collectively covers approximately 2.27 million acres (including permits and acquisitions pending) of conventional and unconventional prospects in the Taranaki Basin and East Coast Basin of New Zealand's North Island. The Company's management team has extensive experience exploring and developing oil and natural gas fields in New Zealand and Canada. NZEC plans to add shareholder value by executing a technically disciplined exploration and development program focused on the onshore and offshore oil and natural gas resources in the politically and fiscally stable country of New Zealand. NZEC is listed on the TSX Venture Exchange under the symbol "NZ" and on the OTCQX International under the symbol "NZERF". More information is available at www.newzealandenergy.com or by emailing info@newzealandenergy.com.
Nice to see you here too Junk
-Dan
Shes looking good here folks. Looks like some good trading activity and a decent chart. Undervalued and from what I am hearing this could head north very quickly once all the assets are wrapped up.
:)
GLTA
October-2013 Corporate Presentation-
http://www.newzealandenergy.com/files/doc_presentations/NZECPPT_201310_01_v001_v3w3kn.pdf
This company has a lot of work to do-
futr
u heard anything red on this?..i jumped in for 10,000 shares figure the risk to reward ratio looks good
Investors cheer as New Zealand Energy secures financing for Origin Energy acquisition
New Zealand Energy is now awaiting the approval of the acquisition from the local government, which is the final hurdle prior to closing the deal, according to the Canadian junior's statement released Tuesday. Shares of the company were halted in advance of the news, and resumed trading shortly after, rising more than 10% to 37.5 cents.
New Zealand Energy is now awaiting the approval of the acquisition from the local government, which is the final hurdle prior to closing the deal, according to the Canadian junior's statement released Tuesday. Shares of the company were halted in advance of the news, and resumed trading shortly after, rising more than 10% to 37.5 cents.
New Zealand Energy Corp. (CVE:NZ)(OTCQX:NZERF) has completed the financing for its long-awaited acquisition of upstream and midstream oil and gas assets from Origin Energy (ASX:ORG), with the company now only requiring the approval of the New Zealand government to wrap up the deal.
The Vancouver-based oil and gas junior, which has been strategizing to improve its operations, is working to close the acquisition of the Tariki, Waihapa and Ngaere (TWN) petroleum licenses from Origin Energy as a means to generate substantially higher cash flow and production. The $33.7 million acquisition, which includes the TWN licenses, as well as the Waihapa production station and associated infrastructure, has been underway since last year.
The consideration for the assets includes a $6 million deposit from New Zealand Energy, $7.9 million in subscription receipts, $1.5 million directly from the company, and $18.25 million from L&M Energy as part of a 50/50 split joint venture agreement recently signed to explore, develop and operate the TWN licenses.
The assets are being acquired jointly by New Zealand Energy and L&M, with the two parties to gain a total of 23,049 acres in the main Taranaki Basin production fairway, as well as the Waihapa station and other infrastructure.
New Zealand Energy is now awaiting the approval of the acquisition from the local government, which is the final hurdle prior to closing the deal, according to the Canadian junior's statement released Tuesday. Shares of the company were halted in advance of the news, and resumed trading shortly after, rising more than 10% to 37.5 cents.
Investors have been sitting tight for the company to finally complete the acquisition, which is expected to transform New Zealand Energy into a fully integrated upstream/midstream company, positioning it for increased production and cash flow, with the infrastructure and drilling inventory to support long-term growth.
The company already announced in August an "extensive post TWN acquisition work program" -- on which it will spend a total of $7.3 million this year -- that will be conducted once the deal closes, to be made up of reactivation and re-completion of existing wells, in addition to up to eight new wells, including four targeting deeper, high impact targets. The acquisition will no doubt add to its existing production portfolio in the Taranaki Basin, with the work program is forecast to give the company a 2014 exit production rate of 2,300 barrels of oil equivalent per day.
The Canadian junior oil and gas play already controls 2.2 million acres of exploration permits on New Zealand’s North island (including one permit pending), where it is producing oil from four wells.
With financing of the Origin acquisition now in place, the company said Tuesday it continues to fill orders for the private placement financing announced earlier this month, with the aim of raising up to an additional $7.1 million in general working capital. So far, it has closed $7.9 million, and issued 23.8 million subscription receipts.
The balance of the offering is comprised of up to 21.7 million subscription receipts at a price of $0.33 apiece, with each convertible into units consisting of one common share and one-half of a share purchase warrant. Each warrant entitles the holder to acquire one share for 45 cents, for a period of one year.
The company said the funds raised will be held in escrow and released after the acquisition of the TWN assets closes.
Korpin, that,s exactly what my DD led me to believe.
Red
from the proverbial horses mouth: We are raising up to $15 million. $9.25 million of that will go to fund the acquisition of assets from Origin, and the rest will go into working capital for drilling and development and general corporate purposes.
Regards,
Rhylin Bailie
Vice President, Communications & Investor Relations
New Zealand Energy Corp.
Direct: 604-630-9661
Mobile: 604-219-2824
so does that mean no royalties for origin?..or reduced royalties?...not sure will have to find out
Korpin,
not sure of the answer to your question.
Red
well I agree Red that's why I doubled down today...dollar for dollar, think this has a larger potential for percentage increase than my AOIFF shares...like you said, the risk to reward ratio on this looks good...I think the market over-reacted today to dilution which I believe was already priced in...not sure if the dilution is for Origin blocks though I thought royalties were going to take care of that?...did they decide to buy royalty rights back or is the financing for drilling?
A post on the Stockhouse board probably describes this better than I did.
" WCSB2013
September 19, 2013 - 12:36 PM
No Debt, Lots of Activity in Taranaki, Cash to execute
The big money will move in when land deal is done deal. Once de-risked, with no debt, with cash to execute on drilling new wells,150% more booked reserves, viable recompletion we are in different territory. This is almost a technology play when you weigh in on all the high specialization of 3D Seismic and Exploration target analysis, they unlock the code of this basin and it will become like a manufacturer of repeat wells.
Neighboring players with lots of drilling only help validate the basin and it's potential. short term yes a few days of grumbling but early October Tag will YD a well in the geological formation that neighbors NZEC and each successive new well ads more interest in the overall play.
A success by one is a validation for all in the same area. We still have land price results to come out soon from the block offer. Better get ready for a exciting winter this is going to be a hot play for a whole season. A year from today this will be a whole new story.
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Red
Hi Korpin, looks like .34 might be a good area to increase your shares. No one always hits the bottom or tops when adding or deleting, and I hope you did hit it right. The charts show good support around .321, which is precisely where the 50 day MA lies. Additional support at .30, and I agree NZ won't have a difficult time getting up to it's book value around .54.
For the dilution that occurs, NZ, my abreviation, in this post for NZEC, (along with it's 50% JV partner, L&M Energy) get up to $33M USD to complete the acquisition of the TWN licenses and assets from Origin Energy Resources. NZ had already put forth a $6M dollar deposit in the Acquisition, so their remaining balance, of their JV portion, is around $15M USD.
These assets in the West coast Taranaki Basin, include 100% of Origin's Tariki, Waihapa and Ngaere's licenses and assets, along with the Waihapa Production Station, which can be seen on NZ's recent Presentation, on NZ'a website.
NZ is already doing well in the Taranki Basin. They are making money, millions of dollars, from the sales of the light API oil they sell from the assets they already have there. The Origin package gives them a major boost up in the midstream activties of this fast growing exploration and production company, the New Zealand Energy Corp.
They are now funded through 2013 in the Taranaki basin, and their cash flow from operations should substain them, and fund them for future production in this area. NZ says they will continue to ramp up their midstream activities through 2014 in the Taranaki. It's hopeful that they also focus on decreasing their costs of production.
I'm probably more excited about NZ's 2 million onshore acres over on the East Coast, along with it's 300 oil and gas seeps and it 600 meter oil columns.
They are looking for a JV partner in the Castlepoint asset. It will be very interesting who comes into that space, because of the absolutely massive unconventional oil resources. Several organizations have attributed ( from what I've read ) that the shale oil prospectivity in this area is up to ten times greater than America's Bakken Formations.
Even without even putting a penny into production on the East Coast we could just sit back and watch for results from drilling by Tag Oil. I think they are drilling right now ( not 100% sure of that ). Course, if we did nothing, we'de lose our permits and licences in this area.
Who could not get excited about this ?? Another article I read from a paid third part contractor alleges our share price up to 27 dollars a share down the road after being successful in lifting these recoverable oil barrels.
So, let's look forward to which supermajor or NOC will jump into our space here on the East Coast of New Zealand.
Please, everyone, do your own DD. My opinions are not always right.
It's all about risk versus reward.
Red
in at .34 bought more today dropped because of dilution announcement no doubt but I believe that was already factored in...price to book value now around .54 will now be close to .75 if all warrants are exercised...
Korpin, sure, I'm in at .325 and adding.
Red
red is it ok to ask how many shares and at what price you got in?
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