NZEC still seeking funding solution for Origin assets purchase

Wed, 29 May 2013

May 30 (BusinessDesk) – Canadian-based oil and gas minnow, New Zealand Energy Corp, says it’s still considering how to fund a C$42 million purchase of assets from Origin Energy while seeking solutions to falling oil production that have contributed to low net yields from its onshore Taranaki oil production. The company saw production costs per barrel rise to C$62.08 per barrel in the three months to March 31, giving a field netback per barrel of oil of C$45.29. That compares with fellow Canadian producer TAG Oil, which reported “robust” netb...

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