NZEC secures working capital facility for TWN licenses

New Zealand Energy Corp.

New Zealand Energy Corp. (NZEC) has executed a working capital facility agreement with New Dawn Energy Ltd. for up to $4 million (NZD 5 million).

New Dawn is the parent company of L&M Energy Ltd., NZEC’s 50% partner in the Tariki, Waihapa, and Ngaere licenses (the TWN licenses) and the Waihapa production station (collectively the TWN assets) and NZEC’s 35% partner in the Alton exploration permit, all located in the Taranaki Basin of New Zealand’s North Island.

“Execution of this $4 million (NZD 5 million) working capital facility is the first step in a capital rebuilding process for New Zealand Energy,” said John Proust, CEO and director of NZEC. “The additional working capital will allow NZEC to undertake the activities required to further exploit the TWN licenses, with the objective of increasing oil production. In addition, NZEC, as operator of the TWN assets, is reviewing an opportunity at the Waihapa production station that could enable liquefied petroleum gas to be extracted, bringing in additional revenue.”

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...