New Zealand Energy Corp. provided an update on its production and operational activities. The Company is currently producing approximately 236 barrels ("bbl") per day of light, high-quality oil (average daily production net to NZEC during December 2013) from eight wells in the Taranaki Basin of New Zealand's North Island, with the expectation that three more wells will contribute to production by the end of Q1-2014.
◾TWN Reactivated Wells (NZEC 50% interest)
◾ Six wells reactivated and producing oil from Tikorangi Formation using installed gas lift
◾ Total production (100% basis) during December 2013: 9,332 bbl oil, 16.2 million cubic feet ("mmcf") natural gas(1)
◾ Total production net to NZEC during December 2013: 4,666 bbl oil
◾ Average daily production (100% basis) during December 2013: 302 bbl oil, 0.52 mmcf natural gas,1 average water cut 74%
◾ Average daily production net to NZEC during December 2013: 151 bbl oil