New Zealand Energy (TSE:NZ) has released an update.
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New Zealand Energy Corp reported a Q4 loss for 2023 at $2,075,929, a stark contrast to the 2022 profit of $1,840,340, mainly due to higher non-cash expenses and production issues. Despite this, the company experienced an increase in cash reserves and is focusing on upcoming drilling operations in August as part of its Tariki gas development project. Production faced a decline due to equipment failures and increased fuel gas costs, though plans are in place to remedy equipment issues and enhance production.
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