New Zealand Energy Corp. Provides Update on Tariki Gas Storage Project

Core Insights - New Zealand Energy Corp. (NZEC) is advancing the Tariki Gas Storage Project through a non-binding memorandum of understanding (MoU) with Genesis Energy Limited, aiming for a final gas storage services agreement to support project completion and commercial operations [2][5] Group 1: Project Development - The MoU establishes a framework for collaboration on technical studies, commercial negotiations, and project development milestones necessary for the Tariki Gas Storage Project [2] - Subsurface and engineering work is ongoing to confirm the project's parameters, with dynamic subsurface modeling scheduled for delivery in December 2025 [3] - Gas storage facility development concept studies are in progress, focusing on surface facilities, compression, and operational configuration [3] Group 2: Operational Readiness - NZEC is progressing operational readiness at the Tariki-A site, with velocity-string sizing completed by the end of Q2 2025 [4] - Temporary gas compression planning for Tariki-5A has advanced, with operations expected to recommence in Q1 2026 based on current lead times [4] Group 3: Strategic Partnerships - The partnership with Genesis is strengthening, with both companies committed to advancing the Tariki Gas Storage Project, which is seen as a potential foundational asset in New Zealand's energy market [5] - NZEC's CEO expressed optimism about the project's potential to provide significant value to the New Zealand energy system [5] Group 4: Company Overview - NZEC is a publicly listed energy company focused on oil, gas, and gas-storage opportunities in New Zealand, holding interests in multiple heritage assets and development-stage projects [6]