The Canadian-listed junior oil and gas company New Zealand Energy Corporation (NZEC) has shown in its latest filing that it has moved back into profit.
The company, listed on the TSX-V as “NZ” said that profit for the nine months to September was $C149,324, compared to a loss in the comparative nine months of 2017 of $C1,463,669.
Cash provided by operating activities for the nine months was $C1,209,853 (2017: $C104,829) and for the September quarter it was $C856,649 (2017: $C170,437).
The company, which has an administration office in Wellington, said it achieved average net daily production of 184 boe/d (92% oil) for the nine months (2017: 206 boe/d (87% oil)); and for the September quarter 155 boe/d (100% oil) compared to 106 boe/d (93% oil) in the third quarter of 2017.
NZEC chairman James Willis said NZEC’s third quarter result was testament to the efforts Mike Adams and his team were putting in and provide a good financial base to move forward.
“While maintenance and resource availability issues have provided a distraction from progressing value adding projects as quickly as we would prefer, we have been able to restore production in Copper Moki and progress facilities implementation of the enhanced oil project.”