New Zealand Energy Corp. Sees Net Income Surge as Oil Production Rises
New Zealand Energy Corp. (TSXV: NZ) reported a significant turnaround in its financial performance for the second quarter of 2026, posting net income of $708,775 compared to a net loss of $1,635,593 in Q2 2025.
The company's revenue rose to $2,160,454, up from $225,659 in the same period last year. Oil production increased to 10,950 barrels (NZEC share), while oil sales revenue reached $1,802,492 on sales of 13,001 barrels at an average realized price of $138.65 per barrel.
The company plans to restart Tariki gas production in September 2026 after successfully restarting and flow-testing the Tariki-5A and Tariki-1A wells using new well kick-off technology. The wells produced approximately 120 MMSCF of gas and 1,600 barrels of condensate over 64 days.