Canada NewsWire
CALGARY, March 7, 2018
64% increase in Revenues; Receipt of full payment for oil export sales through November 2017; Re-commencement of appraisal drilling in the Hawler license area; Maturation of AGC Central license area
CALGARY, March 7, 2018 /CNW/ - Oryx Petroleum Corporation Limited ("Oryx Petroleum" or the "Corporation") today announces its financial and operational results for the year ended December 31, 2017. All dollar amounts set forth in this news release are in United States dollars, except where otherwise indicated.
2017 Financial Highlights:
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1 | Oryx Petroleum Netback is a non-IFRS measure. See the table below for a definition of and other information related to the term. |
2 | Operating Cash Flow is a non-IFRS measure. See the table below for a definition of and other information related to the term. |
2017 Operations Highlights:
2018 Operations Update:
2018 Forecasted Work Program and Capital Expenditures:
Liquidity Outlook:
CEO's Comment
Commenting today, Oryx Petroleum's Chief Executive Officer, Vance Querio, stated:
"In 2017 we made significant progress in repositioning the company for the future. We increased production from the Hawler license area by 32% thanks to production from the Zey Gawra field. We also lowered per barrel operating costs which together with higher realised prices improved cash flow.
We matured our interests in the AGC Central license area. 3D seismic data acquired in late 2016 and early 2017 has been processed and interpretation is in advanced stages with final interpretation expected to be completed in the next couple of months. Based on initial interpretation, 11 prospects have been identified with best estimate unrisked gross (working interest) prospective oil resources of 3,450 million barrels.
During 2017 we completed a major recapitalisation of our balance sheet. We restructured and/or reduced all of our major liabilities and commitments and we raised equity capital from our major shareholders to fund our capital program through the end of 2018. We also made progress rationalising our license portfolio with the disposal of the OML 141 license area in Nigeria and the relinquishment of the AGC Shallow license area. In recent weeks we have accepted an offer to transfer our interest in the Haute Mer B license area in Congo (Brazzaville) for cash consideration and we expect that the disposal of our interest in the Haute Mer A license area in Congo (Brazzaville) will be completed in the coming months.
Our 2018 capital program is focused on our core license areas: the Hawler license area in the Kurdistan Region of Iraq, and the AGC Central license area offshore Senegal and Guinea Bissau. In the Hawler license area our program includes the drilling or re-entry of seven wells and has been designed to allow us to significantly increase production and better define the development potential of the three key fields in the license area. We recently finished drilling the first of the seven planned wells. The ZEG-2 well targets the Zey Gawra Cretaceous reservoir, and we expect to complete the well as a producer in the coming weeks. In the AGC Central license area, our forecasted capital expenditures include a final payment for the acquisition of 3D seismic data currently being interpreted, and preparations for exploration drilling planned in 2019.
We expect that cash on hand and cash receipts from net revenues will fund forecasted capital expenditures and operating and administrative costs through the end of 2018.
We look forward to implementing our plans in 2018 and achieving both higher production in the Hawler license area and preparing for an exciting exploration drilling program in the AGC Central license area in 2019."
Selected Financial Results
Financial results are prepared in accordance with International Financial Reporting Standards ("IFRS") and the reporting currency is US dollars. References in this news release to the "Group" refer to Oryx Petroleum and its subsidiaries. The following table summarises selected financial highlights for Oryx Petroleum for the year and three month periods ended December 31, 2017 and December 31, 2016.
| | | | ||
| | Three Months Ended | Year Ended | ||
($ in millions unless otherwise indicated) | | 2017 | 2016 | 2017 | 2016 |
| | | | | |
Revenue | | 12.5 | 7.8 | 37.4 | 22.8 |
| | | | | |
Working Interest Production (bbl) | | 226,100 | 186,000 | 781,400 | 588,000 |
Average WI Production per day (bbl/d) | | 2,500 | 2,000 | 2,100 | 1,600 |
Working Interest Sales (bbl) | | 225,000 | 182,000 | 779,200 | 593,300 |
Average Sales Price ($/bbl) | | 50.04 | 38.75 | 43.17 | 34.61 |
| | | | | |
Operating Expense | | 3.8 | 3.1 | 15.5 | 12.6 |
Field production costs ($/bbl)(1) | | 13.06 | 12.88 | 15.20 | 16.28 |
Field Netback ($/bbl)(2) | | 11.39 | 6.04 | 5.89 | 0.63 |
Operating expenses ($/bbl) | | 17.07 | 16.85 | 19.87 | 21.28 |
Oryx Petroleum Netback ($/bbl)(3) | | 12.92 | 6.37 | 5.99 | (0.54) |
| | | | | |
Net Loss | | 28.1 | 26.2 | 39.1 | 65.7 |
Loss per Share ($/sh) | | 0.06 | 0.10 | 0.11 | 0.31 |
| | | | | |
Operating Cash Flow(4) | | (0.3) | (1.7) | (5.4) | (9.2) |
Net Cash used in operating activities | | 6.1 | 0.6 Werbung Mehr Nachrichten zur Forza Petroleum Aktie kostenlos abonnieren
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