Change to Senior Management and Board of Directors
On November 1, 2012, NZEC announced its decision to move the Chief Financial Officer role to New Zealand to allow for closer interaction with the Company's technical and accounting teams. John Hudson, NZEC's Group Financial Controller located in New Plymouth, New Zealand, temporarily assumed the role of interim Chief Financial Officer until the Company appointed Chris Ferguson as its Chief Financial Officer on January 28, 2013.
Mr. Ferguson is a Chartered Accountant with 18 years of financial, accounting and operational experience in both the public and private sectors. Mr. Ferguson has extensive oil and gas experience within the Taranaki Basin, having held senior financial positions over the past 13 years with both local and international exploration and production companies. Previously he held the role of Finance and Planning Manager with Origin Energy New Zealand, overseeing the financial integration of the TAWN and Rimu/Kauri oil and gas assets acquired from Swift Energy and the transition to operations of the Kupe Gas Field. Mr. Ferguson's extensive operating knowledge of Taranaki oil and gas assets is complemented with a strong financial background that includes New Zealand statutory reporting, SEC reporting requirements, SOX 404 compliance, systems implementation and execution and leadership of finance and accounting teams. Mr. Ferguson is based in the Company's operations office in New Plymouth, New Zealand.
On February 11, 2013, NZEC announced the resignation of Ken Truscott from the Company's Board of Directors for personal health reasons. Mr. Truscott was a founding Director of the Company, and his oil and gas expertise and insight were invaluable as NZEC expanded from a start-up company to an oil and gas producer with operations on multiple sites. NZEC thanks Mr. Truscott for his valuable contributions and wishes him well in his recovery.
The Taranaki Basin is situated on the west coast of the North Island and is currently New Zealand's only oil and gas producing basin, with total production of approximately 130,000 boe/d from 18 fields. Within the Taranaki Basin, NZEC holds a 100% interest in the Eltham Permit; a 65% interest in the Alton Permit in joint arrangement with L&M and a 60% interest in the Manaia Permit in joint arrangement with New Zealand Oil & Gas ("NZOG"). The Eltham Permit covers approximately 93,166 acres (377 km2) of which approximately 31,877 acres (129 km2) are offshore in shallow water. The Alton Permit covers approximately 119,204 onshore acres (482 km2). NZEC increased its interest in the Alton Permit from 50% to 65% by completing the acquisition and processing of approximately 50 km2 of 3D seismic across the northern end of the permit. The transfer of the additional 15% interest was approved by NZPAM on December 21, 2012. The Manaia Permit covers approximately 27,426 onshore acres (111 km2) and was granted to NZEC and NZOG in December 2012 as part of the annual New Zealand block offer for exploration permits.
NZEC also expects to acquire four Petroleum Licenses and the Waihapa Production Station upon completion of the acquisition of assets from Origin, as outlined below under Origin Agreement.
Four wells have been advanced to commercial production. The wells are producing light oil that is trucked to the Shell-operated Omata tank farm and sold at Brent pricing.
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