New Zealand Energy Corp. (NZ.V) is up nearly 5% at $1.10 but off a day high $1.18 after it provided an update on production from its Copper Moki-1 well in New Zealand's Taranaki Basin. The well is free-flowing at an initial rate of approximately 580 barrels of oil per day through an 18/64th inch choke with a gas oil ratio of 970 standard cubic feet per barrel. NZEC has installed surface facilities to accommodate production of up to 1,000 barrels of oil per day.
The company expects near-term operating netbacks in excess of US$90 per barrel. The oil is sweet and high quality and sells at a premium to the Brent reference price. NZEC anticipates establishing permanent facilities by mid-2012 that can be expanded to handle production from additional wells in the Copper Moki area.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
