New Zealand Energy Commences Production from Copper Moki-3
July 09, 2012
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 9, 2012) - New Zealand Energy Corp. ("NZEC" or the "Company") (TSX VENTURE:NZ)(OTCQX:NZERF) is pleased to provide an update on production activities on its 100%-owned Eltham Permit in the Taranaki Basin of New Zealand's North Island.
Highlights
•Copper Moki gas pipeline is complete and tied in to Waihapa Production Station
•Eight-well drill program to commence in early August
•Copper Moki-3 is producing approximately 242 barrels of oil per day ("bbl/d") and 135 thousand cubic feet of natural gas per day(1) ("mcf/d")
•Average production in June from Copper Moki-1 and Copper Moki-2 was approximately 688 barrels of oil equivalent per day (391 bbl/d and 1,784 mcf/d)
Copper Moki Production Update
Copper Moki-1 and Copper Moki-2 continue to flow from natural reservoir pressure, with a total of more than 132,000 barrels of oil produced to date. Copper Moki-3 flowed 7,456 barrels of oil and 4,765 mcf of natural gas1 during production testing and commenced continuous production on July 2, 2012. The well is producing from natural reservoir pressure out of the Mt. Messenger formation at an average rate of 242 bbl/d and 135 mcf/d1 through a 20/64 inch choke.
NZEC's natural gas pipeline is complete and tied in to the Waihapa Production Station. The operator is finalizing arrangements to receive the gas and NZEC expects to begin generating cash flow from its natural gas production in July.
NZEC has completed a production test of Copper Moki-4, the Company's first Urenui formation well. The well produces 29° API oil which has a higher temperature pour point than Mt. Messenger oil. The well is shut in while NZEC completes the well test analyses and economic evaluation of artificial lift systems required to make a production decision for Copper Moki-4.
On behalf of the Board of Directors
Bruce McIntyre, President & 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 two 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
New Zealand Energy Corp - Homepage or by emailing
info@newzealandenergy.com.