Thursday, 1 November 2012

New Zealand Energy moves CFO role to New Zealand

Vancouver-based New Zealand Energy Corp. (CVE:NZ)(OTCQX:NZERF) says it is moving the chief financial officer role to New Zealand to allow for closer interaction with the company's technical and accounting teams. 
John Hudson, the New Zealand-focused oil and gas company's group financial controller located in New Plymouth, New Zealand, has assumed the role of interim CFO, while it conducts an executive search for a New Zealand-based CFO. 
The prior CFO at the Vancouver-based company was Jeff Redmond. 
Earlier this week, the company said it has achieved target depth in its Waitapu-2 well, located in the Taranaki Basin of New Zealand's North Island. 
The oil and gas producer said it also evaluated open hole logs and commenced casing Waitapu-2 with completion to follow.
Last month, the company said results from the Waitapu-1 well, where open hole logs showed around 30 metres of gross pay in the Mt. Messenger formation as well as oil and gas shows in the shallower Urenui formation, are expected by the end of the month.
The newly-established Waitapu site sits approximately 1.3 kilometres south of the company's Copper Moki site in the Taranaki Basin, where it has three producing wells.  
New Zealand Energy’s property portfolio covers nearly two million acres of prospects in the Taranaki Basin and East Coast Basin of New Zealand’s North Island. 
In October, the company almost doubled its oil reserves estimate for its wells on the Eltham Permit in the Taranaki Basin. The oil and gas producer announced an updated reserve and resource estimate based on a report prepared by Deloitte & Touche, which also saw a 172 per cent increase in proved + probable + possible (3P) natural gas reserves. 
Light and medium oil 3P reserves rose to 625.6 thousand barrels of oil, while natural gas 3P reserves increased to 1,551.2 million cubic feet of natural gas. 
A large chunk of its properties are located in the Taranaki Basin, which is situated on the west coast of the North Island and is currently the country's only oil and gas producing basin, producing roughly 130,000 barrels of oil per day from 18 fields.

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