New Zealand Energy Corp. Provides Operational Update

Core Viewpoint - New Zealand Energy Corp. (NZEC) has provided an operational update highlighting successful production activities at the Ngaere-1 well and ongoing developments in the Tariki Gas Storage Project, indicating strong potential for future production and strategic energy initiatives in New Zealand [1][5]. Production Update - The Ngaere-1 well has produced approximately 580 barrels of oil within the first six hours and a total of about 3,000 barrels to date, stabilizing at around 120 barrels of oil per day without further stimulation [2][3]. - Initial production revenues have already covered workover costs within the first weeks of operation, demonstrating the economic viability of the project [3]. Future Workover Plans - Following the success at Ngaere-1, NZEC and its partners plan to conduct similar perforation operations at the Waihapa H1 and Ngaere-2 wells, which are expected to be low-cost opportunities to enhance production from the Mount Messenger Formation [4]. Tariki Gas Storage Project - The Tariki Gas Storage Project is progressing well, with significant advancements in engineering and pre-FEED due diligence activities, and flowback operations at the Tariki-5A well are expected to commence soon [5]. - The New Zealand government's commitment to support a liquefied natural gas (LNG) import facility strengthens the business case for the Tariki Gas Storage Project, enhancing energy supply stability and security in the country [6]. Strategic Focus - NZEC remains dedicated to optimizing production from existing wells while advancing gas storage infrastructure initiatives in the Taranaki Basin, positioning the company to address New Zealand's natural gas supply challenges and create shareholder value [7].