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New Zealand Energy Corp.

TICKER: NZ:TSX.V; NZERF:OTCQX

New Zealand Energy Corp. is an oil and natural gas company engaged in the exploration, development and production of petroleum and natural gas assets in New Zealand. The company's property portfolio collectively covers nearly two million acres of conventional and unconventional prospects in New Zealand's North Island. Its management team has decades of experience exploring and developing oil and natural gas fields in both New Zealand and Canada, with a track record of successful discoveries.


The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

David Buma, M Partners (7/4/14) "Since the acquisition of the Waihapa production station late last year, New Zealand Energy Corp. has generated approximately $1M in third-party service revenue. Starting in May, the company also began to deliver on a long-term gas transportation contract with annual revenue potential of between $0.2–1M; by July, proceeds are expected to begin flowing to the company as the related capital contribution will have been paid up. . .we continue to highlight the upside potential of the company's asset base over the medium term between the 2PNAV10AT of $0.34/share, midstream assets (at least $0.05/share) and the exploration potential both in the Taranaki and the East Coast."

David Buma, M Partners (6/2/14) "We continue to highlight the upside potential of New Zealand Energy Corp.'s asset base over the medium term between the 2PNAV10AT of $0.34/share, midstream assets (at least $0.05/share) and the exploration potential both in the Taranaki and the East Coast."

David Buma, M Partners (5/2/14) "Despite the steady slippage in timing, we continue to believe New Zealand Energy Corp.'s underlying assets do host significant upside potential over the medium term, most notably in the East Coast Basin where industry activity is set to resume in the coming months that could begin to derisk the play."

A. Simmons, J. Hayek, B. Whitehead, Digging Through the Dirt (5/2/14) "This morning New Zealand Energy Corp. announced its year-end and Q4/13 results and an operational update. . .production for the month of April has dropped from the previous month, from 233 bpd net to 228 bpd net. . .the company cites that two wells were taken offline mid-month to allow for full evaluation of Toko-2B."

David Buma, M Partners (4/3/14) "New Zealand Energy Corp.'s Toko-2B will be the first Tikorangi well of the program to have a high-volume lift installed, targeting production of 135 boepd; six other Tikorangi wells have been reactivated. . .Waihapa-2 will be the first uphole completion of the program, targeting 150 boepd. Management has identified a number of uphole candidates. . .should those wells come online, we note the company could be producing 500–550 boepd by the end of April."

more comments

Christopher Brown, Canaccord Genuity (4/2/14) "New Zealand Energy Corp., following its acquisition of Origin Energy Ltd., announced 1.65 MMboe of 2P reserves (77% oil and natural gas liquids), which is a 145% increase over its 2012 year-end reserves. The associated value for the updated 2013 2P reserves (after tax discounted at 10%) was approximately $58M or $0.28/share on a fully diluted share basis."

Bill Newman, Mackie Research Capital (4/2/14) "New Zealand Energy Corp.'s production has grown steadily over Q1/14, and we expect production to continue increasing through Q2/14 as Waihapa-2 and Toko-2B commence production in April following well workovers. The company's primary focus is on building low-cost, low-risk production from well workovers, completions and development drilling in the Taranaki basin; we believe production growth from the Taranaki basin and appraisal of resources in the shales in the East Coast basin provide upside for the stock in 2014."

David Buma, M Partners (3/5/14) "New Zealand Energy Corp.'s total production averaged 228 bpd in February, up slightly from an average rate of 202 bpd in January. . .production does not include any benefit from Waitapu-2. . .we continue to rate the shares Buy. . .we highlight the current valuation, the return to production growth, now underway and the enormous unconventional potential of the East Coast basin."

Bill Newman, Mackie Research Capital (3/4/14) "New Zealand Energy Corp. continues with operations as expected. In the near term, we expect production add-ons from two Waihapa wells. The company's primary focus is on building low-risk production from well workovers, completions and development drilling in the Taranaki Basin. . .as production grows from the Taranaki Basin and resources are proved with an appraisal program in the Waipawa and Whangai shales in the East Coast Basin, it leaves much upside for the stock in 2014."

David Buma, M Partners (2/5/14) "New Zealand Energy Corp. provided its monthly update yesterday as it pushes ahead with an active Taranaki basin work program. . .production is moving incrementally higher. . .the company noted five additional wells are expected to contribute to production over the next four months. . .we continue to rate the shares Buy."

Bill Newman, Mackie Research Capital (2/4/14) "Over the past 185 days, New Zealand Energy Corp.'s oil production averaged 220 bpd and started February with an average 284 bpd, in line with our current estimates. . .five wells are to add to current production over the next four months. . .the company has realized some important operational efficiencies within the past couple of months, resulting in reduced costs."

Christopher Brown, Canaccord Genuity (1/14/14) "At current prices, we believe New Zealand Energy Corp.'s upside potential outweighs its downside risks. As such, we are upgrading from Hold to Speculative Buy."

David Buma, M Partners (1/7/14) "New Zealand Energy Corp. provided an update yesterday, including progress on its TWN work program in the Taranaki Basin. We highlight: Six reactivated wells averaged 151 bbl/d (net) in December. . .and that the first TWN recompletion has been successful. . .we continue to rate the shares Buy. . .we highlight the valuation, the return to production growth through an active development program now underway and the enormous unconventional potential of the East Coast Basin."

Alan Knowles, Haywood Securities (12/13/13) "New Zealand Energy Corp. has reported that all six Tikorangi wells have been reactivated and the company is monitoring the results. . .we expect a further update on Tikorangi and other well results in early January. The level of production, following the initial flush levels from the six Tikorangi reactivations, will be a key factor wth respect to New Zealand Energy's 2014 production and cash flow."

David Buma, M Partners (12/3/13) "New Zealand Energy Energy Corp. provided an update yesterday on the reactivation of six wells on its newly acquired TWN licenses in the Taranaki basin. Early indications are positive, with stabilized production from the first two wells coming in ahead of the 120 boepd targeted from the full six-well program. . .we continue to rate the shares Buy."

Bill Newman, Mackie Research Capital (12/3/13) "New Zealand Energy Corp. has reactivated six Tikorangi oil wells on its newly acquired TWN licenses. . .with the initial oil production from two of the six Tikorangi wells, we estimate net production has increased to ~345 boepd. We expect additional production will be added prior to year-end with volumes from the remaining four Tikorangi wells and the one Mt. Messenger completion."

Alan Knowles, Haywood Securities (12/2/13) "Initial results from two of New Zealand Energy Corp.'s six Tikorangi wells are positive. . .we expect a further update on the Tikorangi and other well results in late December."

Bill Newman, Mackie Research Capital (11/28/13) "New Zealand Energy Corp.'s average Q3/13 sales production of 159 bblpd was in line with our forecast of 150 bblpd. . .as of Nov. 27, 2013, estimated net positive working capital is ~$6M. . .initial flush oil production rates from the reactivation of the six Tikorangi wells could provide a near-term catalyst for the stock."

(11/8/13) "New Zealand Energy Corp. and partner L&M Energy Ltd. received approval to extend the exploration term on the Alton permit to September 2018. . .we continue to rate the shares Buy. . .we highlight the near-term return to production growth, the funded work program over the next 12 months and the enormous unconventional potential of the East Coast basin."

David Popowich, Macquarie Equity Research (10/30/13) "New Zealand Energy Corp. has closed the acquisition of upstream and midstream assets from Origin Energy. . .the company has also closed a CA$16.M private placement, of which CA$7.9M will be applied to the purchase price of the Origin assets. . .the next step will be to commence a six-well workover program on the Origin assets, with a view to ramping up production and cash flow immediately. . .development of the new assets is expected to commence immediately, which means production should begin to ramp up again (albeit modestly) by year-end."

Christopher Brown, Canaccord Genuity (10/29/13) "New Zealand Energy Corp. announced that it has closed its Origin acquisition and completed its non-brokered private placement of $16.1M. . .New Zealand now owns a 50% interest in the Tarik, Waihapa and Ngaere petroleum mining licenses in the Taranaki basin. The company should now be able to book incremental reserves of approximately 1.1 MMboe, with an estimated before-tax value of $31.4M (at a 10% discount rate). . .we believe this acquisition, which should provide reserves of 1.1 MMboe with significant prospective resource upside, was a major hurdle for the company; we view the closing of the acquisition positively."

Christopher Brown, Canaccord Genuity (10/29/13) "New Zealand Energy Corp. announced that it has closed its Origin acquisition and completed its non-brokered private placement of $16.1M. . .New Zealand now owns a 50% interest in the Tarik, Waihapa and Ngaere petroleum mining licences in the Taranaki basin. The company should now be able to book incremental reserves of approximately 1.1 MMboe, with an estimated before-tax value of$31.4M (at a 10% discount rate). . .we believe this acquisition, which should provide reserves of 1.1 MMboe with significant prospective resource upside, was a major hurdle for the company; we view the closing of the acquisition positively."

Bill Newman, Mackie Research Capital (10/29/13) "New Zealand Energy Corp. announced that it has closed a $16.1M private placement (oversubscribed) and has completed the Origin Energy Ltd. assets acquisition. . .in the Oct. 1, 2013 press release, the company announced that it raised $7.9M, which was enough capital to close the acquisition. Subsequently, New Zealand Energy raised an additional $8.2M, which will allow it to quickly build production and cash flow through the exploitation of the low-hanging fruit associated with the acquisition."

David Buma, M Partners (10/29/13) "New Zealand Energy Corp. announced its deal with Origin Energy Ltd. has now closed. . .the company also announced a successful follow-up capital raise of $8.2M. . .we have increased our one-year price target to $0.75 from $0.70. . .we continue to rate the shares Buy."

Bill Newman, Mackie Research Capital (10/18/13) "New Zealand Energy Corp. announced that is has received government approval for the acquisition of a 50% interest in three production licenses, the Waihapa production station and 100km of oil and gas pipelines in the Taranaki Basin in New Zealand. . .the impact is positive; the company can now focus on growing oil and gas production. The Waihapa production station (50% working interest) is a large facility with the capacity to process 25 MMbbl/d oil, 45 MMcf/d natural gas and will allow the company to process all of its oil and natural gas production as well as third party production, which could generate additional cash flow and improve netbacks through reduced operating expenses. . .we maintain our Speculative Buy."

David Buma, M Partners (10/1/13) "New Zealand Energy Corp. announced it has met the funding condition regarding its asset purchase from Origin Energy Resources Ltd. . .the company continues to work toward closing a second tranche with the objective of raising up to an additional $7.1M to fund its near-term work program. The final condition of the acquisition is New Zealand government approval, potentially within the next few weeks, at which time the funds raised will be released from escrow. . .we continue to rate the shares Buy."

Bill Newman, Mackie Research Capital (10/1/13) "New Zealand Energy Corp. announced that it has closed on $7.9M of the proposed $15M private placement, which is enough capital to fulfill the finance condition precedent required to proceed with the Origin asset acquisition consisting of three production licenses (Waihapa Blocks), the Waihapa production station and 10 km of oil and gas pipelines in the Taranaki Basin in New Zealand. . .the news is positive; a critical acquisition will close."

David Buma, M Partners (9/20/13) "New Zealand Energy Corp. announced yesterday the terms of a nonbrokered private placement of up to $15M. . .the equity raise comes as the company pushes to raise at least the $12M required to adequately fund the Origin deal by the Sept. 30 deadline. . .upon closing of the Origin deal, work is set to ramp up. . .we highlight New Zealand Energy's current valuation (2.3x 2014E EBITDA versus its comps at 3.1x), the expected return to production growth later this year and the enormous unconventional potential offered by the East Coast Basin."

David Buma, M Partners (8/30/13) "New Zealand Energy Corp. reported averaged sales of 241 bbl/d in the quarter, in line with our 229 bbl/d estimates. . .the company is pushing to raise the required $12M in order adequately fund the Origin Energy Resources Ltd. deal by the September 30 deadline. . .the Origin assets feature prominently in the Taranaki project work plan, targeting a 2014 exit rate of 2,300 boe/d. . .we continue to rate New Zealand Energy a Buy."

Bill Newman, Mackie Research Capital (8/29/13) "New Zealand Energy Corp. has until September 30, 2013, to meet the financial conditions to close the Origin Energy Resources Ltd. acquisition. The assets include three production licenses, the Waihapa production station and 100km of oil and gas pipelines in the Taranaki Basin in New Zealand. . .following these transactions, New Zealand Energy will be able to focus on building its production base by exploiting its newly acquired assets. . .the company continues to refine its inventory of the Moki, Tikorangi and Kapuni prospects on both the Waihapa blocks and the Alton and Eltham permits. These deeper targets offer large conventional resource potential."

David Buma, M Partners (8/7/13) "New Zealand Energy Corp. continues to work to secure the remaining $12M to complete the Origin acquisition, having made significant progress with the $18M L&M Energy deal announced last week giving that company a 50% interest in the Origin assets. . .we continue to rate the shares Buy with a one-year price target of $0.80. . .we highlight the current valuation (1.8x 2014E EBITDA versus comps at 2.8x), the expected return to production growth late this year and the enormous potential of the East Coast Basin."

David Dudlyke, Dundee Capital Markets (8/6/13) "On the basis that the Origin acquisition closes in Q3/13, New Zealand Energy Corp. projects an overall Taranaki Basin capital program of almost $32M by year-end 2014, resulting in exit 2014 production of 2,300 boe/d and cumulative operating cash flow of $26.1M for Q4/13–year-end 2014. The Taranaki Basin program thus requires funding, but only to a modest degree."

David Buma, M Partners (7/31/13) "New Zealand Energy Corp. announced yesterday it has formed a joint venture with L&M Energy Ltd. to share the cost of the previously announced Origin deal. . .we view the agreement positively insofar as it partially derisks the funding aspect of the acquisition and we believe the addition of a partner could facilitate a more rapid pace of development. . .we reiterate our Buy rating."

David Dudlyke, Dundee Capital Markets (7/30/13) "The funds to be provided to New Zealand Energy Corp. by its new joint venture (JV) partner, L&M Energy Ltd., mark a key step forward. New Zealand Energy has signed a letter of agreement with L&M, whereby L&M will New Zealand Energy CA$18.25M to form a 50/50 JV to explore, develop and operate the Tariki, Waihapa and Ngaere mining licenses, as well as the Waihapa production station and associated pipelines and infrastructure that New Zealand Energy acquired in the Origin deal."

Alan Knowles, Haywood Securities (7/30/13) "L&M Energy Ltd. (a private New Zealand company) will jointly acquire the Origin assets with New Zealand Energy Corp. on a 50:50 basis. . .New Zealand Energy will operate the licenses and the Waihapa production station. . .the acquisition of the gas-processing infrastructure and other prospective acreage from Origin Energy Resources will provide, on closing, a longer-term strategic benefit with respect to the processing of associated gas that is likely with most discoveries in the area."

Bill Newman, Mackie Research Capital (7/30/13) "New Zealand Energy Corp. has signed a 50/50 joint venture agreement with L&M Energy Ltd. to share the exploration, development and operating costs of Waihapa blocks and the Waihapa production station. L&M will pay New Zealand Energy $18.25M in return for a 50% interest in the Origin Assets and to cover 50% of New Zealand Energy's costs incurred to date. . .the JV agreement should help the company complete the Origin Asset acquisition and will reduce future capital requirements. . .the Origin blocks are a good fit with current assets in the Taranaki."

The Energy Report Interview with Roger Wiegand (6/20/13) "New Zealand Energy Corp. is a good company. Its price recently backed off because after three major drilling expeditions performed well, the company's share price went up tremendously and investors took profits. But the company is well funded and it controls important reserves. We advise holding on to New Zealand Energy, because the price is likely to go back up." More >

Kevin Graham, Graham Analytics (6/18/13) "New Zealand Energy Corp.'s amended deal for Waihapa is good news. . .the value of the new property is so high (replacement cost of more than $120M by my last count, and this not counting the value of resources in the ground) that once the financing for the acquisition is announced, the market may give some ground. . .the company will have to demonstrate capacity, not just to acquire the property, but to fund operations to develop its attractive properties. I suspect that this combination will be forthcoming and will be well received."

David Buma, M Partners (6/18/13) "New Zealand Energy Corp. announced yesterday it has finalized the terms of the sale and purchase agreement with Origin Energy concerning the Waihapa production station and three petroleum licenses covering 23,000 acres. . .we view the amendments to the agreement positively, most notably in the material reduction in the upfront capital costs of the acquisition. . .we continue to rate the company's shares Buy."

Morning Coffee, Canaccord Genuity (6/18/13) "New Zealand Energy Corp. announced that it has finalized the sale and purchase agreement to acquire both upstream assets and facilities from Origin Energy Resources in New Zealand. The revised purchase price of $33.5M is lower than the original deal, which was for $42M along with $9M in adjustments. . .in preparation for raising funds for the acquisition, the company has completed an independent assessment of reserves and resources to the new potential licenses, completed by Deloitte LLP. Total 2P volumes were estimated at 2.1 MMboe with associated before-tax value of $51M."

Alan Knowles, Haywood Securities (6/17/13) "New Zealand Energy Corp. has finalized acquisition terms for Tariki, Waihapa and Ngaere licenses with Origin Energy. . .the impact is potentially positive. . .the acquisition price has been reduced to $33.5M from $42M and the company will now acquire three licenses instead of four. . .a successful acquisition will increase reserves 303%."

Bill Newman, Mackie Research Capital (6/17/13) "New Zealand Energy Corp. announced a finalized sale and purchase agreement to acquire petroleum mining licenses ('Waihapa blocks') and the Waihapa production station from Origin Energy. . .the Origin assets include estimated 2P reserves of 2.1 MMboe with a before-tax net present value discounted at 10% of $62.9M. . .once the transaction is complete, New Zealand Energy will be able to focus on building is production base by exploiting its newly acquired assets."

Bill Newman, Mackie Research Capital (5/30/13) "New Zealand Energy Corp.'s average Q1/13 production of 335 bblpd was higher than our forecast of 200 bblpd. . .in May, the company installed permanent production facilities at the Copper Moki site, which should reduce operating costs. . .we maintain our Speculative Buy recommendation and our $1.15 target price on New Zealand Energy's conventional growth potential in the Taranaki Basin and longer-term shale resource upside in the East Coast Basin."

David Buma, M Partners (5/30/13) "New Zealand Energy Corp. reported Q1/13 results yesterday. . .sales averaged 303 bbl/d in the quarter, in line with our 300 bbl/d Estimate. . .the company continues to work toward closing the Origin deal by the June 30 deadline. . .of note, New Zealand Energy has already put down a $5M non-refundable deposit per the terms of the transaction. . .we continue to rate the company a Buy."

Deborah Bacal, Proactive Investors (5/29/13) "New Zealand Energy Corp. is implementing measures to reduce production costs and increase oil output by installing permanent production facilities at its Copper Moki site. According to the statement today, methods identified to optimize output could also include stimulation of well flow with condensate washes, modified pumping mechanisms or other forms of reservoir stimulation. . .the company has also completed a natural gas pipeline from the Copper Moki site to the Waihapa production station, and is considering laying 1.3km of natural gas pipeline to tie-in Waitapu-2 to the station."

David Buma, M Partners (4/26/13) "We continue to rate New Zealand Energy Corp. shares Buy with a one-year price target of $1. . .we highlight the material growth expected out of the Taranaki over the medium term combined with the potential upside offered by the East Coast Basin. Near-term catalysts include progress in identifying the production issues, conclusion of the Origin deal and its related funding, and increased interest in the East Coast as industry activity has commenced in the region with TAG Oil Ltd. spudding its first well there earlier this week."

David Dudlyke, Dundee Capital Markets (4/25/13) "It is worth pointing out that New Zealand Energy Corp., at an enterprise value of some $45M (versus TAG Oil Ltd. at $264M) clearly offers superior leverage to any future exploration success in the East Coast basin. By way of context, New Zealand Energy holds a larger acreage position and almost twice the unrisked unconventional prospective resource within New Zealand's East Coast Basin than that of TAG Oil."

David Buma, M Partners (4/4/13) "New Zealand Energy Corp. announced yesterday that workover efforts at Arakamu-2 were successful. . .this well does represent the company's sixth oil discovery in the Taranaki Basin. . .cash flow generation is not expected until the pump is installed, potentially in late Q2/13. . .we continue to rate New Zealand Energy shares a Buy, based on the material growth expected out of the Taranaki over the medium term combined with the potential upside offered by the East Coast Basin, where industry activity is set to begin as early as this month."

David Popowich, Macquarie Capital Markets (4/4/13) "New Zealand Energy Corp. has been swab testing the Arakamu-2 well for a period of 13 days, recovering a total of 407 bbl 42° API oil; while the simple headline test rate (approximately 30 bblpd oil) appears underwhelming, the company is optimistic this will improve on pump. Nevertheless, with an oil cut of just 20%, even the ability to pump 500 bblpd total fluid would imply initial oil production of ~100 bblpd."

Deborah Bacal, Proactive Investors (4/3/13) "New Zealand Energy Corp. has made its sixth oil discovery in the Taranaki Basin, showing what the company called a strong inflow of oil, gas and water. The junior oil and gas producer started testing the Arakamu-2 well in the middle of last month. . .last week, in a step forward, the company announced that it received approval from New Zealand's Overseas Investment Office to obtain the Waihapa Production Station site, putting it one step closer to completing its acquisition of assets from Origin Energy. . .it expects to meet all conditions in order to conclude the transaction in the second quarter of this year."

Alan Knowles, Haywood Securities (4/1/13) "New Zealand Energy Corp. has moved one step closer to closing the Origin acquisition. . .there remain several conditions prior to closing, all of which the company has stated are substantially advanced."

The Energy Report Interview with Amin Haque (3/28/13) "When New Zealand Energy Corp. confirmed that it was facing challenges, the market reacted violently and the stock went down to about $0.39/share. Despite its challenges, that level of price decline is not justified. The sum of the value of individual assets should be higher than that. . .I revised my rating to Outperform." More >

Alan Knowles, Haywood Securities (3/26/13) "New Zealand Energy Corp. has moved one step closer to closing the Origin acquisition. . .New Zealand's Overseas Investment Office has provided its approval for the planned acquisition of Origin's assets in the Taranaki Basin. . .there remain several other conditions prior to closing, all of which the company has stated are substantially advanced. . .New Zealand Energy is continuing to not only work on closing the Origin acquisition, but also secure the necessary funding for the same."

Ubika Research (3/12/13) "New Zealand Energy Corp. was up 24.14% for the week due to the recent positive development in the Taranaki Basin of New Zealand's North Island."

David Dudlyke, Dundee Capital Markets (2/27/13) "New Zealand Energy Corp.'s management instead plans to focus on upstream opportunities post the pending Origin acquisition, namely the reactivation and recompletion of 12 existing wells that lie within the Origin upstream acreage. . .the company still expects to close this transaction, albeit in Q2/13. . .we retain our Buy rating."

Amin Haque, Stonecap Securities (2/26/13) "Despite New Zealand Energy Corp.'s challenges, we strongly believe that the market oversold the stock yesterday and disregarded the merits of the company: About 350 bpd of current production of very high-quality oil and corresponding cash flow; potential for production growth through inexpensive recompletion of old wells; near-term revenue from gas sale and transportation; a large exploration fairway, which has been well defined with valuable seismic data into leads and prospects. . .we are changing our rating on New Zealand from Sector Perform to Outperform. . .even a less than full valuation of the individual assets provides excellent upside from the current price."

David Buma, M Partners (2/26/13) "We continue to rate New Zealand Energy Corp. shares Buy based on material growth expected out of the Taranaki over the medium term combined with the potential upside offered by the East Coast Basin where industry activity is set to begin in April (the company is targeting start of its own wells in November). . .the next update from New Zealand Energy should come in fairly short order as work-over activities at Arakamu-2 are now underway."

Alan Knowles, Haywood Securities (1/24/13) "New Zealand Energy Corp. provides investors with an opportunity to invest in a company with a diversified conventional and unconventional opportunity base in a low-risk political environment. The opportunity base is material, and with the strong netbacks possible, drilling success could result in the generation of significant cash flow. . .we maintain our target price of $2 and our rating of Sector Outperform. . .closing of the Origin acquisition, securing a line of credit, restarting the LNG processing facility and increasing production from current levels are all potential catalysts for New Zealand Energy."

Morning Coffee (1/15/13) "New Zealand Energy Corp. plans to drill two wells on the East Coast in 2013 to evaluate both conventional opportunities in the shallower Miocene sands and unconventional opportunities in the Waipawa and Whangai oil shale formations. The company expects to finish the remainder of the eight-well program by the end of Q1/13 and continues to target 3 Mboe/d in production by the end of Q1/13."

Bill Newman, Mackie Research Capital (1/14/13) "New Zealand Energy Corp. is currently engaged in an eight-well drilling campaign, targeting conventional oil and gas in the Taranaki basin; with exploration success, the company hopes to achieve an exit Q1/13 production rate of 3,000 boe/d. If successful, New Zealand Energy can fund a substantial portion of its future capital expenditures with cash flow. . .during 2013 the company plans to drill two wells in the East Coast basin to appraise the shale potential of its blocks. . .we are maintaining our Buy recommendation on New Zealand Energy's conventional drilling program and lower-risk recompletion opportunities included with the Origin acquisition; in addition, NZEC will continue to appraise the shale play in the East Coast basin, which represents significant long-term potential."

David Buma, M Partners (12/21/12) "Underlying our Buy recommendation for New Zealand Energy Corp. is the attractive valuation, the company's steep production trajectory over the next 12–18 months and the upside of the East Coast Basin. Near-term catalysts include a stream of drill-related news flow, completion of a credit facility and growing interest in the East Coast basin as industry activity ramps up there."

Bill Newman, Mackie Research Capital (12/21/12) "With exploration success, New Zealand Energy Corp. hopes to achieve an exit Q1/13 production rate of 3 Kboe/d; if successful, the company can fund a substantial portion of its future capital expenditure with cash flow. We maintain our Buy recommendation and our $3.90 target price on New Zealand Energy's current conventional drilling program, lower-risk recompletion opportunities included with the Origin acquisition and shale resource upside."

Christopher Brown, Canaccord Genuity (12/21/12) "New Zealand Energy Corp. restated it is on track to achieve 3 Kboe/d; it also plans to drill two exploration wells on the east coast of New Zealand in 2013 and close the Origin Energy Ltd. asset acquisition in Q1/13. The company has identified up to 18 Mt. Messenger leads on Origin's Tariki, Ahuroa, Waihapa and Ngaere petroleum licenses, many of which can be reached from existing well sites."

David Phung, Credit Suisse (12/11/12) "New Zealand Energy Corp. was successful in obtaining an additional offshore permit in the Taranaki Basin. . .the company now has a 60% interest in permit 54867 along with partner New Zealand Oil & Gas, adding to its relatively large position in the basin. . .the company and its partner have identified leads in the Urenui, Mt. Messenger and Moki formations, with added potential in the deeper Kapuni zone. . .we are encouraged by the company's ability to identify partnerships to manage its risk profile. . .we continue to look favorably upon the Taranaki Basin. . .we maintain our Outperform rating."

David Dudlyke, Dundee Capital Markets (12/11/12) "New Zealand Energy Corp. continues to hold a dominant acreage position within the Taranaki Basin—the company has secured one permit covering 16,455 net acres, increasing its Taranaki Basin acreage position by 8% to 214,011 acres (assuming the completion of the Waihapa and TAWN acquisition. . .we view these awards as positive. . .TAG Oil Ltd. and New Zealand Energy have both assembled strong strategic positions that provide opportunities to expand their respective drilling inventories. . .we look to the company releasing an updated reserve/contract performance report by year-end, the closing of the Waihapa and TAWN acquisition in mid-February and management achieving its 3,000 boe/d production milestone in Q1/13."

David Popowich, Macquarie Capital Markets (12/11/12) "New Zealand Energy Corp.'s 2012 block offer expands its Taranaki footprint . . .the company was awarded a 60% interest and operatorship of PEP 54867, which covers 27,425 gross acres. . .the awarding of PEP 54867 increases the company's already dominant footprint in New Zealand's only producing basin. . .we continue to view New Zealand Energy as a well-capitalized company with lower-risk exposure to the Taranaki Basin and the potential for high impact exploration in the East Coast Basin. We reiterate our CA$2 target and Outperform rating."

The Energy Report Interview with Amin Haque (12/6/12) "Another company on my list is New Zealand Energy Corp. For Canadian companies, New Zealand is a comparatively new jurisdiction. There are a couple of Canadian companies active there. New Zealand Energy had some impressive initial successes. It has a large land position right now. The thesis is that it can replicate the initial success in the remaining land base." More >

David Dudlyke, Dundee Capital Markets (12/4/12) "We initiate coverage of New Zealand Energy Corp. with a Buy rating and 12-month price target of CA$3.75/share. . .with the largest net acreage position, a multi-year inventory of leads and prospects, a high rate of initial exploration success and imminent control of key midstream facilities and sales infrastructure, we believe the company's Taranaki Basin exposure alone offers significant upside potential for investors, with a free option if the vast resource play of the East Coast Basin can be unlocked."

David Popowich, Macquarie Capital Markets (12/3/12) "We forecast New Zealand Energy Corp. to generate CA$40M in cash flow next year, which when combined with estimated year-end 2012 cash of CA$35M, should fund a substantial capital program in 2013. . .we see the company as a well-run, well-capitalized company with material lower-risk resource exposure in a proven hydrocarbon basin, and potential for high-impact prospects in an underexplored basin."

Alan Knowles, Haywood Securities (12/3/12) "We maintain our target price of $3.75 and our rating of Sector Outperform for New Zealand Energy Corp. . .the company's installation of pump jacks on Copper Moki 1, 2 and 3 resulted in an 103% increase in production to 436 bbl/d. . .with the addition of Waitapu 2 at 325 bbl/d, the company is currently producing 736 bbl/d. . .with the drilling of five more wells, and start-up of gas processing at the Origin gas facility expected to close in mid-Q1/13, the company has maintained its exit Q1/13 production target of 3 Mboe/d."

David Buma, M Partners (12/3/12) "New Zealand Energy Corp. reported Q3/12 results. . .production averaged 411 bbl/day, in line with our 405 bbl/day estimate. . .we expect operating costs to normalize as production ramps up going forward. . .we continue to rate the company's shares a Buy with a one-year share price target of $3.50. . .underlying our Buy recommendation is the attractive valuation, New Zealand Energy's steep production trajectory over the next 12–18 months and the upside of the East Coast Basin. . .near-term catalysts include a stream of drill-related news flow, completion of a credit facility, and growing interest in the East Coast basin."

Bill Newman, Mackie Research Capital (12/3/12) "New Zealand Energy Corp. has drilled three wells of the current eight-well drilling program in the Taranaki basin. . .the acquisition of the Waihapa production station is expected to close in Q1/13. . .the company has made a new pool discovery with the Waitapu-2 well and initial drilling results from the Arakamu-2 well look encouraging. With an additional five wells remaining to drill, New Zealand Energy has potential to add production and cash flow by Q1/13. . .we maintain our Buy recommendation and $3.90 target price."

Christopher Brown, Canaccord Genuity (11/30/12) "New Zealand Energy Corp. provided its Q3/12 results, which were generally in line with expectations; with the addition of artificial lift at the Copper Moki wells, Q3/12 production of ~420 bbl/d was ahead of our 356 boe/d estimate. . .the company re-affirmed its target of 3,000 boe/d in Q1/13 and stated it is currently in negotiations for a second drilling rig to accelerate the program."

Morning Coffee (11/27/12) "New Zealand Energy Corp. announced results from its Waitapu-1 and 2 locations. . .[Waitapu-1] is flowing at a rate of 325 barrels of oil per day. . .the company continued to prove up its Mt. Messenger play with positive results from Arakamu-2. . .the well encountered 8.1m of net pay in two potentially productive zones in the Mt. Messenger formation. . .New Zealand will report Q3/12 results on Nov. 30, 2012, including a full update on exploration activities and production optimization on its initial Copper Moki wells."

David Buma, M Partners (11/27/12) "We continue to rate New Zealand Energy Corp.'s shares Buy with a one-year share price target of $3.50. . .underlying our Buy recommendation is the attractive valuation, the company's steep production trajectory over the next 12–18 months and the upside of the East Coast Basin. Near-term catalysts include a stream of drill-related news flow, completion of a credit facility and growing interest in the East Coast Basin as industry activity ramps up there."

Alan Knowles, Haywood Securities (11/26/12) "We maintain our target price of $3.75 and our rating of Sector Outperform on New Zealand Energy Corp. . .Waitapu-2 tested 325 bpd 40° American Petroleum Institute oil and 800 Mcf/d gas for a total of 458 boepd (71% oil weighted) through a 24/64 in choke. The natural gas is currently being flared."

Bill Newman, Mackie Research Capital (11/26/12) "New Zealand Energy Corp.'s Waitapu-2 exploration well is currently flowing at a rate of 325 bbl/day of 40° API oil plus 0.8 MMcf/day of natural gas through a 24/64" choke. . .the company continues to target a production rate of 3 MMboe/day by the end of Q1/13. The successful Waitapu-2 exploration well, plus the potential from the Arakamu-2, Arakamu-1A and four additional wells should help New Zealand Energy to achieve this ambitious target—if achieved, we expect the company to generate over $60M of cash flow in 2013. . .we maintain our Buy recommendation and $3.90 target."

David Phung, Credit Suisse (11/26/12) "New Zealand Energy Corp. announced a successful well at Waitapu-2. . .the company currently plans to flow test this well for roughly two weeks before conducting a pressure build up. Based on initial results, Waitapu-2 could realize a stabilized rate of approximately 300 bbl/day once artificial lift is installed. . .New Zealand Energy continues to progress its drilling program to achieve its objective of 3 Mboe/day by the end of Q1/13. . .we remain relatively optimistic of future exploration results; we currently maintain our Outperform rating and target price of CA$2.75."

Christopher Brown, Canaccord Genuity (11/12/12) "We are initiating coverage of New Zealand Energy Corp. with a Buy recommendation and a 12-month target price of CA$3.25 per share. . .we believe the company provides investors with near-term exploration upside potential that is supported by the essential facilities, infrastructure and operational teams to monetize exploration success without delay. . . New Zealand has multiple near-term exploration catalysts, including a growing inventory consisting of 36 leads and prospects, with an estimated 144 associated drilling locations. . .management has assembled a top-notch technical team with 'on the ground' expertise."

Bill Newman, Mackie Research Capital (10/30/12) "New Zealand Energy Corp. announced that the Waitapu-2 well was drilled into the Mt. Messenger formation to a total measured depth of 2,081m. The company is currently casing the well and production testing is expected to commence in early November. . .we maintain our Buy recommendation on New Zealand Energy's near term conventional production growth potential in the Taranaki basin and shale resource upside in the East Coast basin and our $3.90 target price."

David Buma, M Partners (10/25/12) "New Zealand Energy Corp. released an interim reserves update yesterday. . .2P reserves of 0.7 MMboe [were reported], up from 0.3 MMboe previously. . .45% were classified as proved developed producing. . .of note, AJM Deloitte estimates account for the production gains expected from the installation of pump jacks currently underway on the three producing Copper Moki wells; once that program is complete by mid-November, New Zealand Energy expects combined production from the three wells to stabilize around 650 boe/day, equivalent to three years of production on existing 2P reserves. . .we view the update as positive given it should further advance credit facility negotiations."

David Phung, Credit Suisse (10/24/12) "New Zealand Energy Corp. provided an interim reserves report that includes the first three Copper Moki wells. . .on a 2P oil equivalent basis, reserves have grown by 150% to 706 Mboe, net of production since 2011A. Before tax NAV10 has increased to ~CA$21M, which is an approximate increase of 73%. . .we believe New Zealand remains a bright light among international jurisdictions for oil and gas exploration, but relatively remains underexplored. . .New Zealand Energy looks to benefit here from its relatively large land base; we currently maintain our Outperform rating and target price of CA$2.75."

Bill Newman, Mackie Research Capital (10/24/12) "New Zealand Energy Corp. released the results of an independent reserves report effective September 30, 2012. Since year-end 2011, estimated proven reserves increased by 232%. . .the before tax NPV discounted at 10% increased by 73% to $20.8M. . .the eight-well drilling program currently underway has the potential to add significant additional reserves before year-end. . .we maintain our Buy recommendation and $3.90 target price on the company's large land base in the Taranaki Basin which provides conventional growth opportunities and large land positional in the East Coast Basin that has both conventional and unconventional resource upside."

David Phung, Credit Suisse (10/18/12) "New Zealand Energy Corp.'s original eight well drilling program that was targeted to be completed by year end is now expected to be completed sometime in Q1/13; New Zealand Energy expects to drill four wells in Q4/12 and remaining four wells in Q1/13. . .despite sizeable downward revisions to our projections, we believe our overall thesis remains intact; we continue to view New Zealand as an attractive destination for oil and gas investment while NZEC has accumulated a large land position in the country. We currently maintain our Outperform rating."

Morning Coffee (10/18/12) "New Zealand Energy Corp. released an operational update on the company's exploration and production activities in the Taranaki Basin. The company announced that in order to optimize production rates from its three Copper Moki wells, it will commence the installation of artificial lifts (pump jacks). . .New Zealand Energy expects oil production rates to increase and stabilize with the addition of these artificial lift systems."

David Buma, M Partners (10/18/12) "New Zealand Energy Corp. provided an operations update. . .Waitapu-1 encountered hydrocarbons in both the Mt. Messenger and Urenui formations. . .installation of an artificial lift is underway at Copper Moki. . .underlying our Buy recommendation is New Zealand Energy's short but successful track record, steep production trajectory over the next 12-18 months, the upside of the East Coast Basin and the attractive valuation."

Amin Haque, Stonecap Securities (10/18/12) "New Zealand Energy Corp. has provided an update on its ongoing drilling program in the Taranaki Basin. . .while 2012 drilling and production targets have been scaled back, the company now has a 2013 exploration and development plan that is much larger in scale and scope. . .New Zealand Energy is still an exploration-stage company whose true potential is currently unfolding. . .we maintain our Outperform rating."

Bill Newman, Mackie Research Capital (10/17/12) "New Zealand Energy Corp. has commenced the installation of artificial lift on its three producing Copper Moki ("CM") wells; following initial adjustments, management expects production rates from CM to stabilize and increase. . .completion of the eight well drilling program and the 3,000 boe/d production target has been pushed from year-end 2012 to Q1/13. . .although completion of the eight well drilling program and the Waihapa acquisition have been shifted to Q1/13, New Zealand Energy remains poised to add production and cash flow through its aggressive exploration program in the Taranaki Basin. We maintain our Buy recommendation and $3.90 target price."

David Phung, Credit Suisse (10/15/12) "Our coverage space is generally leveraged to Brent oil prices. . .New Zealand Energy Corp. (rated Outperform) is a standout because [it] received a premium to Brent for its oil and is operating under relatively favorable fiscal terms in New Zealand."

Morning Coffee (10/10/12) "New Zealand Energy Corp. announced that it has entered into an agreement with Westech Energy New Zealand whereby the company can acquire 80% ownership and become the operator of Petroleum Exploration Permit 38346, covering 267,862 acres. . .New Zealand Energy's other blocks on the East Coast were considered to be on the edge of the potential unconventional opportunity; the new acquisition/joint venture appears to have a better chance of success if the unconventional play is unlocked."

David Phung, Credit Suisse (10/5/12) "We initiate coverage of New Zealand Energy Corp. with an Outperform rating and a CA$3 target price. . .the company has managed to obtain over 2M net acres of land in New Zealand's Taranaki and East Coast basin. . .we view the Taranaki basin favorably as it is a proven hydrocarbon basin with multizone potential. . .the company's East Coast basin permits hold an estimated 21Bbbl of oil in place. . .we could see New Zealand Energy continuing its aggressive land capture strategy in the upcoming 2012 bid round."

Deborah Bacal, Proactive Investors (9/27/12) "New Zealand Energy Corp. has started the completion of its fifth well in the Taranaki Basin of New Zealand, achieving the targeted depth of Waitapu-1. The company said Thursday it has evaluated open-hole logs of the well and has started casing, with completion to follow. . .the company's property portfolio covers nearly two million acres of conventional and unconventional prospects. . .New Zealand Energy generated positive cash flow from production in the second quarter of $5.4M."

The Energy Report Interview with Taylor MacDonald (9/20/12) "Pathfinder has done very well in the past with holdings in New Zealand Energy Corp., a company that [is] developing what was previously seen as an 'exotic' basin." More >

David Buma, M Partners (9/4/12) "We are initiating coverage of New Zealand Energy Corp. with a Buy rating and one-year target price of $3.50, implying a rate of return of 69%. . .the company offers significant upside as it takes its short but successful track record into an aggressive exploration and development program in the Taranaki Basin. New Zealand Energy also has considerable acreage in the relatively unexplored East Coast Basin, host of potentially significant conventional and unconventional resources. . .considering the attractive valuation, steep production trajectory, the upside of the Easy Coast Basin, experienced management and funded 2012 work program, we recommend investors build a position in the name."

Morning Coffee (8/30/12) "New Zealand Energy Corp.'s management highlighted that the company generated positive cash flow from production in Q2/12 of $5.4M, resulting from netbacks of $78.12/bbl. It produced 55,226 bbl in Q2 and sold 58,952 bbl oil. Copper Moki-3 flowed 7,456 bbl and 4,765 Mcf natural gas during production testing in Q2 and commenced continuous production on July 2, 2012. . .on Aug. 19, New Zealand Energy commenced drilling of the Waitapu-1 well at its newly established Waitapu site."

Bill Newman, Mackie Research Capital (8/30/12) "New Zealand Energy Corp.'s average Q2/12 production of 648 bblpd was above our forecast of 500 bblpd. As a result, cash flow of $3.5M ($0.03/fd share) was above our estimates of $2.77M ($0.02/fd share). . .with the 8-well program underway and with the acquisition of the Waihapa production facilities, the company is on track to achieve its year-end 2012 production target of 3 Mboepd. . .we maintain our Buy recommendation."

Alan Knowles, Haywood Securities (8/30/12) "New Zealand Energy Corp.'s Q2/12 results were as expected. . .we maintain our target price of $3.75 and our rating of Sector Outperform. . .production in Q2/12 averaged 607 bblpd, a 39% increase from Q1/12, and sales averaged 648 bblpd, a 70% increase from Q1/12. Production was in line with our forecast of 620 bblpd."

Amin Haque, Stonecap Securities (8/30/12) "New Zealand Energy Corp.'s production during Q2/12 (including test production from CM-3 well) was about 700 bpd, compared to our estimate of about 850 bpd, from the three Copper Moki wells. . .the natural gas pipeline from the Copper Moki has been completed, adding 2 MMcf natural gas production for a total 1 Mboepd. . .we maintain our Outperform rating of the company."

Amin Haque, Stonecap Securities (8/24/12) "New Zealand Energy Corp. is expected to release its Q2/12 results next week. . .we maintain our Outperform rating and one-year target price of $3.50. . .the company remains on schedule to continue its Taranaki exploration program. . .While initial results from Copper Moki were impressive, the faster decline rate of the first two and the mixed results from the latter two wells highlight the exploration risk of finding oil in small pools and the necessity to take a portfolio approach in drilling; New Zealand Energy seems to be well advanced in this strategy with a significant drilling inventory of 3D-defined leads."

Morning Coffee (8/21/12) "New Zealand Energy Corp. spuded the Waitapu-1 well at its Waitapu site, Taranaki Basin, approximately 1.3km south of the company's Copper Moki site, the first of an anticipated eight wells to be drilled by year-end 2012. . .should we expect well results by the end of September 2012? New Zealand is currently permitting a number of new drill pads as the company advances toward its objective of drilling eight conventional wells by year-end 2012."

The Energy Report Interview with Stephen Taylor (8/21/12) "A name that I've mentioned in the past is New Zealand Energy Corp. We continue to be a big fan of that stock and the management team. The company just completed a financing in March at $3 a share. The company is now able to aggressively pursue its development plans. It recently announced a strategic acquisition of some gas gathering and production assets. John Proust, its chairman, is a really good strategic thinker and this acquisition makes a lot of sense. One of the technologies or process innovations that New Zealand is taking advantage of is the move to pad drilling, where you build one pad and keep the rig in place to drill two to four wells. It saves a lot of money. He and his team are sharp guys and management owns 30% of the stock. The stock has backed off into the $1.60 range. I think there's little downside from here and a lot of upside over the next couple of years as John and his team implement their plan. . .New Zealand has pulled back and had a rough ride. But, I think now is a great time to be a buyer. We have been long-time holders of this company and have participated before the public offering and continue to like it. I think the 50% pullback since March is a gift." More >

Morning Coffee (8/20/12) "New Zealand Energy Corp. had a great week, rising over 25%. The New Zealand focused oil and gas explorer and producer plans to drill an additional eight exploration wells between now and year-end in the Taranaki Basin. . .at last update, the company had completed a production test of Copper Moki-4 (CM-4), its first Urenui formation well. . .the well produces 29 degrees API oil, which has a higher temperature pour point than Mt. Messenger oil. . .New Zealand looks to achieve 3 Mboe/d by year-end 2012."

Bill Newman, Mackie Research Capital (8/20/12) "New Zealand Energy Corp. announced that drilling operations on the Waitapu-1 exploration well had commenced in the Eltham block in New Zealand. . .the eight-well exploration program in the Taranaki basin has the potential to add significant reserves and diversify the company's production base. New Zealand Energy continues to target an exit 2012 production rate of 3 Mboe/d. . .the company is well financed to carry out its eight-well conventional exploration program and with drilling success, we expect the company to add significant production and cash flow during 2012; we maintain our Buy recommendation and $3.90 target price."

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