New Zealand Energy Corp. (NZEC or the Company) reported Tuesday that the Company has been granted a 943.7 acre (3.819 square kilometer) Petroleum Mining Permit (Copper Moki Mining Permit) in the Taranaki Basin, New Zealand. The Copper Moki Mining Permit (PMP 55491) has been carved out of NZEC’s 100 percent-owned Eltham Exploration Permit (PEP 51150) to encompass NZEC’s Copper Moki and Waitapu oil discoveries.
“Receiving the Copper Moki Mining Permit is an important milestone for NZEC, ensuring that the Company can continue to produce oil and gas from existing wells that are generating significant income for NZEC,” said John Proust, CEO and director of NZEC.
The Copper Moki Mining Permit gives NZEC the right to produce oil and natural gas from the Moki, Mt. Messenger and Urenui formations for a period of eight years, with the option to extend the permit. NZEC currently has four producing oil wells on the Copper Moki Mining Permit: Copper Moki-1, Copper Moki-2, Copper Moki-3 (currently shut-in pending installation of a new pump) and Waitapu-2. Collectively, the wells have produced more than 275,672 barrels of oil since Copper Moki-1 commenced production in December 2011. As a condition of the permit, NZEC has agreed to build an approximately 0.8-mile (1.3-kilometer) gas pipeline within 18 months, connecting the Waitapu site to existing pipeline infrastructure.
The remaining acreage of the Eltham Exploration Permit totals 46,444.2 acres (187.953 square kilometers), of which approximately 40,389 acres is onshore. NZEC’s net property portfolio comprises 97,629.9 acres (395.1 square kilometers) in the main production fairway of the Taranaki Basin, and 1,048,406.3 acres (4,242.8 square kilometers) in the East Coast Basin of New Zealand’s North Island.
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