ENERGY

New Zealand Energy Update on Copper Moki-3 Well

Tuesday 20 March 2012, 8:16AM
By New Zealand Energy Corp
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TARANAKI

 

New Zealand Energy Corp. (TSX VENTURE: NZ)(OTCQX: NZERF) ("NZEC" or the "Company") today announced that the Company has achieved target depth and cased its Copper Moki-3 well in the Taranaki Basin of New Zealand's North Island.

Copper Moki-3 was drilled through the Urenui and Mt. Messenger formations to the deeper Moki formation, with a measured depth of 3,167 metres and true vertical depth of 2,633 metres. NZEC ran open hole logs and has completed casing to total depth. The Company plans to test both the Moki and Mt. Messenger formations. The Company will perforate and test the Moki formation first and determine next steps for the well based on those results.

Following perforation of Copper Moki-3 the rig will be repositioned on the same drill pad to spud Copper Moki-4, which will target the Urenui and Mt. Messenger formations.

On behalf of the Board of Directors,

Bruce McIntyre, President & Director

About New Zealand Energy Corp.

NZEC is an oil and natural gas company engaged in the production, development and exploration of petroleum and natural gas assets in New Zealand. NZEC's property portfolio collectively covers nearly two million acres of conventional and unconventional prospects in the Taranaki Basin and East Coast Basin of New Zealand's North Island. The Company's management team has extensive experience exploring and developing oil and natural gas fields in New Zealand and Canada, and takes a multi-disciplinary approach to value creation with a track record of successful discoveries. NZEC plans to add shareholder value by executing a technically disciplined exploration and development program focused on the onshore and offshore oil and natural gas resources in the politically and fiscally stable country of New Zealand. NZEC is listed on the TSX Venture Exchange under the symbol NZ and on the OTCQX International under the symbol NZERF. More information is available at www.newzealandenergy.com or by emailing info@newzealandenergy.com.