New Zealand Energy Corp. (TSXV:NZ,OTCQX:NZERF) has announced an update on its eight-well exploration program, currently in motion in the Taranaki Basin of New Zealand’s North Island.
Highlights from the press release:
– Arakamu-2 has been completed across 18 metres in two intervals. The well demonstrated good inflow and pressure build-up but downhole mechanical issues have delayed testing
– NZEC plans to begin construction of its fourth drill pad next week. Wairere is located approximately 3.75 km southwest of the Company’s Copper Moki site and 7.5 km southwest of the Waihapa Production Station. NZEC has provision to drill up to six wells at the site
– The current eight-well program is the start of continuous drilling focused on increasing production and cash flow. NZEC expects to finish the remainder of the eight-well program by the end of Q1-2013 as the Company advances toward its production objective of 3,000 boe/day, and will then move directly into its 2013 exploration program