New Zealand Energy Boosts Output with Successful Waihapa H1 Workover

The latest announcement is out from New Zealand Energy ( (TSE:NZ) ).

New Zealand Energy Corp. has resumed production from the Waihapa H1 well in onshore Taranaki, New Zealand, after a workover that targeted previously identified bypassed pay in the Mount Messenger formation. The company, which holds a 50% interest in the licences hosting the well, is producing oil to the nearby Waihapa facility and selling associated gas into the local market.

Initial stabilized flow rates from Waihapa H1 are about 553 barrels of oil equivalent per day after six days of production and clean-up, underscoring the productivity of the Mount Messenger zone, which also underpins the neighbouring Cheal oil field. Management says the result highlights the value of optimizing existing infrastructure and bypass pay zones, and NZEC is working with co-venturers to evaluate further workover and production optimization opportunities across its Taranaki Basin assets.

More about New Zealand Energy

New Zealand Energy Corp. is a publicly listed energy company focused on the development of oil, natural gas, and gas‑storage opportunities in New Zealand. The company holds interests in multiple heritage assets and development-stage projects in the Taranaki Basin, and its 50% ownership of the Waihapa production station allows rapid tie-in of new production and direct sales to market.

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Current Market Cap: C$14.2M

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