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New Zealand Energy declares 97% increase in oil reserves estimate


Published Oct 25, 2012
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New Zealand Energy Corp.

New Zealand Energy Corp. has updated its reserve and resource estimation and economic evaluation based on a report (the "Report") prepared by Deloitte & Touche LLP (AJM Deloitte), resulting in a 97% increase to Proved + Probable + Possible (3P) oil reserves and a 172% increase to 3P natural gas reserves. The before-tax net present value of 3P reserves at a 10% discount rate increased by 64%.

NZEC commissioned AJM Deloitte to prepare an interim reserve estimate and economic evaluation to include data from wells that commenced continuous production in 2012.

Tags: New Zealand Energy Corp.



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