New Zealand Energy Corp. (NZEC) indicated Wednesday plans to step up exploration and appraisal activities at its upstream assets in New Zealand after falling down the firm’s priority list over the past year due to the industry downturn.
“Appraisal and exploration activities have necessarily taken a lower priority in the past year and we are returning effort to these activities through the next quarter so that we will be ready to progress on these at short notice should the oil price continue to rise,” NZEC CEO Michael Adams said in the press release.
The company will focus efforts on putting the lessons learnt from gas-lifting and data collection at Waihapa-Ngaere in the Tariki, Waihapa and Ngaere (TWN) Petroleum Mining Licenses (PML) into practice and on enhancing oil recovery in the Copper-Moki pools in Copper-Moki/Eltham Permits.
Adams updated shareholders on NZEC plans during its Annual General Meeting in Wellington, New Zealand Wednesday.
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