NZ Energy Corp facing funding challenge on Origin assets purchase

Wed, 10 Apr 2013

by Neil Ritchie April 10 (BusinessDesk) - New Zealand Energy Corp, one of two Vancouver-based companies producing oil and gas in Taranaki, faces a shortfall in funds to buy C$42 million of assets from Origin Energy as overheads soar and cash reserves dwindle. NZEC entered the New Zealand energy scene in late 2010 and struck oil and natural gas with its first Taranaki well, Copper Moki-1, in early 2011. It built on that with further Copper Moki wells and smaller strikes at the nearby Waitapu and Arakamu fields. It produced just over 155,00...

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