Vancouver, British Columbia--(Newsfile Corp. - August 14, 2025) - New Zealand Energy Corp. (TSXV: NZ) ("NZEC" or the "Company") announced today it has filed its condensed consolidated interim financial statements for the six months ended June 30, 2025, the accompanying management's discussion and analysis, and related certifications, which documents are available on the Company's website at www.newzealandenergy.com and on SEDAR+ at www.sedarplus.ca.
Commenting on the Company's second quarter 2025 results, CEO Mike Adams said: "The results saw a total comprehensive loss of $2,567,631. (2024: loss of $2,100,963). There was a $978,151 decrease in cash held ($61,250 was held at the end of the quarter). Cash used in operating activities for the quarter was $676,152 (2024: used $1,541,045)."
NZEC also provides the following updates on the Copper Moki workovers and Waihapa Ngaere production.
Copper Moki Production
Copper Moki-1 was successfully recompleted with production commencing in late July 2025. Both Copper Moki-1 and Copper Moki-2 are now producing together with aggregate production rates of ~105 BOE/d (~90 bopd). These rates are improving as the wells produce out completion fluids and pump speeds are increased slowly to match reservoir inflows to pump rates.
Mr. Adams, CEO of NZEC commented: "The resumption of oil and gas production at the Copper Moki site provides the Company with reliable oil production and, importantly, a continuous supply of gas for both the Copper Moki site and the Waihapa Production Station. The supply of continuous associated gas to Waihapa unlocks the ability to return some of the Waihapa-Ngaere wells to continuous production and enable gas exports to market, which we expect to commence later in Q3."
Both Copper Moki workovers were carried out in partnership with Monumental Energy Corp. (TSXV: MNRG), as previously announced.
Waihapa Ngaere Production (JV - NZEC share 50%)
Oil and gas production from Waihapa-Ngaere recommenced in late March 2025 beginning with 4 wells operating on periodic well unloads without the use of gas-lift.
Following a successful recommissioning of the Ngaere-1 pipeline in July, production from that well re-commenced mid July 2025 with flush rates of more than 400 bbls of oil produced in one day. As a result, the field production rates are temporarily limited to the rate at which the Waihapa Production Station can hold oil in tanks onsite for stabilization and then truck oil to the port. Over the last two weeks, the trucking has averaged ~190 bbls per day (NZEC share ~95 bbls per day).
The focus for Waihapa Ngaere for the next month is to remove system bottlenecks so that the increased oil rate can be produced continuously and transported to port via the oil pipeline.
Mr. Adams, CEO of NZEC commented: "The result from Ngaere-1 is welcome and is much better than we anticipated. Nevertheless, we should keep in mind that this is a fractured reservoir, and it is near impossible to predict when water will arrive in Ngaere-1. On the other hand, Ngaere-1 is demonstrably oil bearing at 15m downdip from the Waihapa-H1 well, which does need work to be returned to continuous production. The Ngaere-1 result means that we have prioritized the Waihapa-H1 well work for implementation in the next quarter."
Subsequent to the quarter end NZEC successfully completed a non-brokered private placement of $2,718,640 on 18 July 2025 and successfully terminated the loan to Vliet Financing B.V of $2,000,000 plus accrued interest.
On behalf of the Board of Directors
"Michael Adams"
CEO
New Zealand Energy Contacts
Email: info@newzealandenergy.com
Website: www.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.
Forward-Looking Information: This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information regarding: the business of the Company, including future plans and objectives, the Copper Moki workover project, Waihapa Ngaere production. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects NZEC's current beliefs and is based on information currently available to NZEC and on assumptions NZEC believes are reasonable. These assumptions include, but are not limited to: the underlying value of NZEC and its Common Shares, NZEC's current and initial understanding and analysis of its projects and the development required for such projects; the costs of NZEC's projects; NZEC's general and administrative costs remaining constant; and the market acceptance of NZEC's business strategy. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of NZEC to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; industry condition; volatility of commodity prices; imprecision of reserve estimates; environmental risks; operational risks in exploration and development; general capital market conditions and market prices for securities; delay or failure to receive board or regulatory approvals; the actual results of future operations; competition; changes in legislation, including environmental legislation, affecting NZEC; the timing and availability of external financing on acceptable terms; and lack of qualified, skilled labour or loss of key individuals. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in NZEC's disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although NZEC has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of NZEC as of the date of this news release and, accordingly, is subject to change after such date. However, NZEC expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/262447
SOURCE: New Zealand Energy Corp.
