Markets

New Zealand Energy Corp Copper Moki-1 Well Tests 1,100 Barrels of Oil Per Day

New Zealand Energy Corp. (NZ.V), an oil and natural gas company with exploration and development prospects in New Zealand, has completed its Copper Moki-1 well and initiated the steps to obtain a mining permit to achieve long-term production.

NZEC's 100%-owned Copper Moki-1 well production tested the Mt. Messenger formation over a 48-hour period and flowed 41.8 API oil at a consistent rate of 1,100 barrels per day along with 855 mcf per day of natural gas. Pressure recorders have been run for an extended build-up and the well will be placed on an extended production test to determine the reservoir size and flow conditions. Copper Moki-1 is well positioned in close proximity to oil and gas infrastructure, including production stations and oil and gas pipelines. NZEC has entered into a contract whereby its test volumes of oil will be sold at a premium to the Brent reference price.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More