New Zealand Energy Corp. (TSX-V: NZ): Unconsequential delays to drilling. Tariki-5 still due to spud in September
• Commencement of drilling operating at the high impact Tariki field is likely to be delayed by two weeks.• This has no impact on our valuation. Our unrisked NAV for the Tariki-5 well is C$4.90 per share, including C$2.50 per share for the oil target and the balance for the low risk gas target (2P reserves).
• In addition, this will will open the future gas storage business (unrisked NAV C$0.80 per share).
• The current planning indicates well drilling operations may not commence at Tariki until 23 September 2024, with drilling, completion & tie-in of the well likely completed by 11 November 2024.
• Initial production is expected to be around 6-8 mmcf/d growing to 20 mmcf/d within 10 months once New Zealand Energy has upgraded its facilities to comply with current safety and production standards.
• We re-iterate our target price of C$5.00 per share that also includes the potential upside associated with oil opportunities in the Tikorangi reservoir.
Sintana Energy is a development stage company engaged in oil and gas exploration and development activities in the United States.
Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector.
The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy.
Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors.
Auctus provides Corporate Broking, Equity Research and Investment Banking services.
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