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My AFC gave me an ABS CEL code of LOL while at WOT!
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Quote:
Originally Posted by lowside67
WTF is going on with NZ... the only news out is from a company close by and it's good news, the price of oil is up, and yet they are down 10% from Friday's close?!?
Quote:
Originally Posted by jasonturbo
Too funny, I was just reflecting on NZ, and the 19% loss I am sitting on.
Does anyone know if covered calls/puts writing is allowed in a TFSA account? If so, it'd be a pretty conservative way to generate tax free income/grow your TFSA contribution space.
My AFC gave me an ABS CEL code of LOL while at WOT!
Join Date: Sep 2011
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Quote:
Originally Posted by shawnly1000
Does anyone know if covered calls/puts writing is allowed in a TFSA account? If so, it'd be a pretty conservative way to generate tax free income/grow your TFSA contribution space.
CM-1 has been flowing from natural reservoir pressure since December 10, 2011 and has produced more than 62,000 barrels of oil since it was first tested in August 2011. Production rates have averaged 452 bbl/d and 1,052 mcf/d(1) since commencing continuous production in December 2011. Over the last 30 days, CM-1 has produced at an average rate of 377 bbl/d and 1,410 mcf/d(1) through a 24/64th inch choke.
CM-2 flowed 14,825 barrels of oil and 15,352 mcf of natural gas(1) during a 16-day flow test in February and was subsequently shut-in for pressure build-up. NZEC initiated continuous production from CM-2 on April 1, 2012. The well is currently producing from natural reservoir pressure out of the Mt. Messenger formation at an average rate of 700 bbl/d and 850 mcf/d(1) through a 22/64th inch choke. The CM-2 well encountered 12 metres of net pay in the Mt. Messenger formation, which is comparable to CM-1.
Current Company production is approx. 1,000 bbl/d and approx. 2,050 mcf/d(1), exclusively from CM-1 and CM-2. The wells are producing 41.8 degrees oil that is trucked to the Shell-operated Omata tank farm and sold at Brent pricing, resulting in a field netback of approx. US$90/barrel. Natural gas and associated natural gas liquids are currently being flared until the Company completes a 2.6-km pipeline and associated production and sales agreements, with the pipeline scheduled for completion by the end of Q2-2012. NZEC has chosen to choke back its production wells to conserve the value of its natural gas and associated natural gas liquids.
(1) Natural gas and associated natural gas liquids are currently being flared until the Company completes a 2.6-km pipeline and associated production and sales agreements, with the pipeline scheduled for completion by the end of Q2-2012.
Exploration Update
CM-3 reached target depth at 3,167 metres in mid-March and is the Company's first well drilled through to NZEC's deeper exploration target, the Moki formation. After evaluation, the Company identified 12 metres of net pay within the Mt. Messenger formation and 15 metres of net pay within the Moki formation.
NZEC commenced drilling CM-4 on March 28, 2012 from the Copper Moki pad, targeting both the Urenui and Mt. Messenger formations. NZEC reached target depth of 2,125 metres on April 10, 2012, and is currently evaluating open hole logs.
The Company elected not to evaluate CM-3 with the drilling rig in order to exercise the option under the rig contract to drill CM-4 within the allotted period of time. A service rig is available and is expected to commence completion of CM-3 within the next two weeks, once the drill rig on CM-4 is removed. Since CM-3 is NZEC's first well to be drilled to the Moki formation, the Company plans to thoroughly evaluate the characteristics of the formation in order to guide its exploration strategy for future Moki targets. Upon perforation, NZEC's technical team will determine if the formation flows naturally. If further stimulation is required, additional time will be needed to allow for a comprehensive evaluation of the Moki formation. Once the Moki formation is fully evaluated the Company will determine whether the Mt. Messenger formation will be tested in CM-3 or evaluated through an additional well.
NZEC reiterates corporate production guidance of 3,000 boe/d by year-end 2012.
The Company had previously allocated funds to drill six Mt. Messenger exploration wells in the Taranaki Basin in the second half of 2012. NZEC will provide additional details regarding its 2012 capital program for both the Taranaki Basin and the East Coast Basin, including plans to accelerate its exploration activities, with the release of the Company's Q4-2011 financial statements at the end of April.
The Taranaki Basin offers multi-zone potential and NZEC's exploration strategy is to prioritize wells identified on 3D seismic that have well-defined, lower-risk Mt. Messenger targets coupled with additional exploration potential from the Urenui, Moki or Kapuni formations. The Company is completing a 100-km2 3D seismic survey toward the north end of its Taranaki permits that will further define existing targets and reduce drilling risk while potentially identifying new exploration targets and expanding NZEC's inventory of drill-ready locations.
The Taranaki Basin is currently New Zealand's only oil and gas producing basin, producing approximately 130,000 boe/d from 18 fields. Within the Taranaki Basin, NZEC holds and is the operator of two permits covering 169,949 net acres(2). The permits are on trend with numerous oil and gas producing fields, some of which have been producing for decades, including the Kapuni gas field producing from the deeper Kapuni formation, the Waihapa/Ngaere oil field producing from the Kapuni and Tikorangi formations, and the Cheal oil field producing from the Urenui and Mt. Messenger formations.
On behalf of the Board of Directors
Bruce McIntyre, President & Director
(2) Assumes NZEC completes the requirements to increase its interest in the Alton permit from 50% to 65%, as per an agreement with L&M Energy Limited.
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 nearly two million acres of conventional and unconventional prospects in the Taranaki Basin and East Coast Basin of New Zealand'sNorth 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 New Zealand Energy Corp - Homepage or by emailing info@newzealandenergy.com.
If I was to comment, I would say the company seems well managed, selling at Brent is a major bonus (Compared to our Canadian Bitumen producers), and constricting output to capture the value of the NG/Liquids is a the right move.
I still find it hard for me to really associate a dollar value to this company, but I do believe that the geo-political factor combined with strong political support in the interest of offsetting import/export ratios does provide the right environment for a company like NZ to grow without political interuption, something that in other parts of the world is becoming more and more of a concern.
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Originally Posted by jasonturbo
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Last edited by jasonturbo; 04-11-2012 at 04:36 AM.
Does anyone know if covered calls/puts writing is allowed in a TFSA account? If so, it'd be a pretty conservative way to generate tax free income/grow your TFSA contribution space.
I am still holding YNG @ avg. .33, not worried about that one at all. YNG's drop has been fairly consistent with others in the sector, gold has been very soft. Can't say much about YNG until the financials for Q1/Q2 are out... that's how I feel anyway.
Wasn't very happy about being down 20% on NZ, but thats just the market doing what it does.. recovering nicely today and I expect that to continue... great netbacks @ 90$/BBL.
Alcoa is a very solid company, they are still in the midst of a major restructuring and selling off non profitable assets.. as this continues they should start the march back up to pre-crash levels.. I hope to get out of some of my other stocks and into Alcoa in the near future...
Likely to pull the pin on FRC after it recovers... concerned about volatility.
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Quote:
Originally Posted by jasonturbo
Follow me on Instagram @jasonturtle if you want to feel better about your life
Rumours about Microsoft investing $3.5 billion into RIMM.
Hmm that explains the gains yesterday while everything else on TSX was red. Not moving up much today but will be very interesting to see if the rumors become fact!
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When do you guys think the storm will be over? With the elections coming up, company fundamentals still doing okay, I think I'll hop back on in late May or June.
Right now, holding half cash position waiting for the right moment.
I see right now as a buying opportunity... yesterday would have been better though lol.
Election year should be full of win, I think corp profits will be very consistent and positive, mostly beating forecasts, and that Europe will settle down.. it basically has... now if the media could just find something else to fill the pages, we could stop bringing the PIIGS debt situation up over and over.. we know they will be bailed out, end of story.
One thing that does scare me is Santorum dropping out, this means the Rebuplicans have figured out the only chance they have to beat Obama is to solidify Romney as the face of their party sooner than later to garnish more support... Santorum has spent a lot of effort attacking Romney and it may now be hard to get some of his supporters to back him.. though they have the common evil of Obama to worry about so will likely vote Romney anyway lol.
I would be a little worried if Romney gets in... thought he's actually not half as crazy as the rest of those Republicans are.
On a side note, I think people in BC need to try some conservative leadership... (Not trying to turn this into a politics thread )
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Originally Posted by jasonturbo
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