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Marketwired
25 Leser
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ShaMaran Q3 2013 Financial and Operating Results

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/12/13 -- ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSX VENTURE: SNM)(OMX: SNM) is pleased to announce its financial and operating results for the three and nine months ended September 30, 2013. Unless otherwise stated all currency amounts indicated as "$" in this news release are expressed in thousands of United States dollars.

Highlights

--  The Company announced on October 30, 2013 that its USD 150 million
    senior secured bond was fully subscribed. Net proceeds from the bond
    will be used to fund the Company's future capital expenditures related
    to the development of the Atrush Block. The bond is expected to close on
    November 13, 2013.

--  On October 7, 2013 the Company announced that the Kurdistan Regional
    Government ("KRG") had approved Phase 1 of the Field Development Plan
    ("FDP") for the Atrush Block with an October 1, 2013 effective date for
    the commencement of the Development Period. The TAQA-operated Atrush
    Block, located 85 km northwest of Erbil, is planned to have an initial
    production capacity of 30,000 barrels of gross oil per day (bpd) with
    first oil expected by early 2015.

--  The Atrush-4 Phase 1 development well spudded on October 20, 2013 with
    planned total depth ("TD") of 2,460 meters and an estimated drilling
    time of 70 days.

--  The Atrush-3 appraisal well, located 6.5 kilometers to the east of the
    Atrush-2 appraisal well, was spudded on March 25, 2013 and reached TD of
    1,806 meters on June 23, 2013 within the potential Phase 2 development
    area. The well confirmed the extension of the oil bearing BSAM reservoir
    (Jurassic age Barsarin-Sargelu-Alan-Mus formations), while also
    confirming lowest known oil at depths consistent with the previous
    wells. Drill stem tests conducted with hydrocarbons recovered to surface
    but due to equipment limitations accurate flow rates were unable to be
    determined. AT-3 has been suspended as a potential future producer.

--  The Company announced on February 4, 2013 an increase of 35% in Best
    Estimate 2C Contingent Resources (gross) for the Atrush Block, from 465
    MMBOE at December 31, 2011 to 627 MMBOE at the end of 2012. The
    estimates were provided by the Company's independent qualified resources
    evaluator, McDaniel & Associates Consultants Ltd., in a Detailed
    Property Report prepared as at December 31, 2012.

--  On March 12, 2013 the Contractor entities to the Atrush Block PSC were
    notified by the KRG that it had exercised its option to acquire a 25%
    Government Interest in accordance with the provisions of the Atrush
    Block PSC.

Financial and Operating Results for the three and nine months ended September 30th 2013

During the three and nine months ended September 30, 2013 the Company continued its appraisal and development campaign in respect of the Atrush petroleum property located in the Kurdistan Region of Iraq which constitutes the continuing operations of the Company. Atrush currently generates no revenues. The net loss in the first three quarters of the current year principally relates to the general and administrative expenses and share based payments expense incurred in respect of the continuing operations of the Company.

Condensed Interim Consolidated Statement of Comprehensive Income
(Unaudited, expressed in thousands of United States Dollars)

                                         Three months           Nine months
                                  ended September 30,   ended September 30,
                                      2013       2012       2013       2012
----------------------------------------------------------------------------
Expenses from continuing
 operations
General and administrative
 expense                              (572)      (512)    (1,377)    (1,355)
Depreciation and amortisation
 expense                               (19)       (46)       (54)      (143)
Share based payments expense          (159)        (2)      (725)        (8)
Share of loss of associate               -        (97)         -       (209)
Impairment (loss) / recovery             -       (138)       (84)       559
Gain on sale of asset                    -      1,100          -      1,100
Relinquishment costs                     -          -          -    (25,732)
----------------------------------------------------------------------------
(Loss) / income before finance
 items and income tax expense         (750)       305     (2,240)   (25,788)
----------------------------------------------------------------------------

Finance cost                           (64)      (393)       (47)      (719)
Finance income                           7          1         26        383
----------------------------------------------------------------------------
Total finance cost                     (57)      (392)       (21)      (336)
----------------------------------------------------------------------------
Loss before income tax expense        (807)       (87)    (2,261)   (26,124)
Income tax expense                     (13)       (11)       (63)       (63)
----------------------------------------------------------------------------
Loss from continuing operations       (820)       (98)    (2,324)   (26,187)
Discontinued operations
Loss from discontinued
 operations                            (13)       (12)       (40)       (62)
----------------------------------------------------------------------------
Loss for the period                   (833)      (110)    (2,364)   (26,249)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Other comprehensive income :
Items that may be reclassified
 subsequently to net income:
  Currency translation
   differences                          95         21         18          4
----------------------------------------------------------------------------
Total other comprehensive income        95         21         18          4
----------------------------------------------------------------------------

Total comprehensive loss for the
 period                               (738)       (89)    (2,346)   (26,245)
----------------------------------------------------------------------------
----------------------------------------------------------------------------


Condensed Interim Consolidated Balance Sheet
(Unaudited, expressed in thousands of United States Dollars)

                                                              At         At
                                                       September   December
                                                        30, 2013   31, 2012
----------------------------------------------------------------------------
Assets
Non-current assets
Intangible assets                                        330,059    303,549
Property, plant and equipment                                197        257
----------------------------------------------------------------------------
                                                         330,256    303,806
----------------------------------------------------------------------------
Current assets
Other current assets                                         107        127
Inventories                                                    -        198
Other receivables                                             45        204
Cash and cash equivalents                                 14,711     41,216
----------------------------------------------------------------------------
                                                          14,863     41,745
----------------------------------------------------------------------------
Assets associated with discontinued operations                 5          3
----------------------------------------------------------------------------
Total assets                                             345,124    345,554
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Liabilities
Current liabilities
Accounts payable and accrued expenses                     13,144      7,027
Current tax liabilities                                       68         90
Deferred liability                                             -      5,000
----------------------------------------------------------------------------
                                                          13,212     12,117
----------------------------------------------------------------------------
Non-current liabilities
Provisions                                                   161        120
----------------------------------------------------------------------------
                                                             161        120
----------------------------------------------------------------------------
Liabilities associated with discontinued operations        1,996      1,941
----------------------------------------------------------------------------
Total liabilities                                         15,369     14,178
----------------------------------------------------------------------------
Equity
Share capital                                            534,068    534,068
Share based payments reserve                               4,561      3,836
Cumulative translation adjustment                             26          8
Accumulated deficit                                     (208,900)  (206,536)
----------------------------------------------------------------------------
Total equity                                             329,755    331,376
----------------------------------------------------------------------------
Total liabilities and equity                             345,124    345,554
----------------------------------------------------------------------------
----------------------------------------------------------------------------

The cash position of the Company decreased by $26.5 million during first three quarters of 2013. The decrease in the cash position was due to outflows of funds of $26.5 million on appraisal and development operations on the Atrush Block, $5.0 million payment of a deferred liability and $1.4 million on G&A and other cash expenses and was offset by $6.4 million of positive cash movements due to changes in working capital items.

Condensed Interim Consolidated Cash Flow Statement
(Unaudited, expressed in thousands of United States Dollars)

                                         Three months           Nine months
                                  ended September 30,   ended September 30,
                                      2013       2012       2013       2012
----------------------------------------------------------------------------
Operating activities
Net loss for the period from
 continuing operations                (820)       (98)    (2,324)   (26,187)
Adjustments for:
  Interest income                       (7)        (1)       (26)       (26)
  Interest expense on equity
   based finance fee                     -        359          -        719
  Foreign exchange loss / (gain)        63         34         46       (357)
  Depreciation and amortisation
   expense                              19         46         54        143
  Impairment loss / (recovery)           -        138         84       (559)
  Share-based payment expense          159          2        725          8
  Share of loss of associates            -         97          -        209
  Changes in current tax
   liabilities                          15         13        (22)       (59)
  Changes in trade and other
   receivables                          (1)       542        159         (4)
  Changes in other current
   assets                              259         75         20        515
  Changes in inventories                 -       (196)       114      2,509
  Changes in accounts payable
   and accrued expenses              7,589       (991)     6,117    (20,708)
  Changes in provisions                (20)                   41
  Gain on sale of asset                  -     (1,100)         -     (1,100)
Cash used in discontinued
 operations                             32       (131)        13       (685)
----------------------------------------------------------------------------
Net cash inflows from /
 (outflows to) operating
 activities                          7,288     (1,211)     5,001    (45,582)
----------------------------------------------------------------------------

Investment activities
Net proceeds on sale of
 intangible assets                       -     52,671          -     52,671
Purchase of intangible assets      (16,185)    (3,540)   (26,505)    (7,721)
Net proceeds on sale of
 property, plant & equipment             -        595          -        804
Purchase of property, plant &
 equipment                               -       (134)         -       (595)
Investment in associate                  -     (1,105)         -     (5,796)
Repayment of deferred liability     (5,000)         -     (5,000)         -
Interest received on cash
 deposits                                7          1         26         26
----------------------------------------------------------------------------
Net cash (outflows to) / inflows
 from investing activities         (21,178)    48,488    (31,479)    39,389
----------------------------------------------------------------------------

Financing activities
Repayment of borrowings                  -    (10,000)         -          -
----------------------------------------------------------------------------
Net cash outflows to financing
 activities                              -    (10,000)         -          -
----------------------------------------------------------------------------

Effect of exchange rate changes
 on cash and cash equivalents           26        (13)       (27)       361
----------------------------------------------------------------------------

Change in cash and cash
 equivalents                       (13,864)    37,264    (26,505)    (5,832)
Cash and cash equivalents,
 beginning of the period            28,575      5,989     41,216     49,085
----------------------------------------------------------------------------
Cash and cash equivalents, end
 of the period                      14,711     43,253     14,711     43,253
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Outlook

The outlook to the end of the year 2013 is as follows:

Atrush Block

Following the KRG approval of Phase 1 plans are being implemented to achieve First Oil of 30,000 bopd by early 2015. The Contractor group and the MNR are working closely to fast-track First Oil.

Drilling of the AT-4 appraisal/development well is expected to continue to year end. Depending on well results, numerous well tests may be conducted.

The FEED for the Phase 1 Production Facilities was completed in October. Bids for the facilities are expected in November, with contracts likely to be awarded by the end of year 2013.

The Company anticipates that the proceeds of a USD 150 million bond issue, expected to close on November 13, 2013, will enable it to finance development activities to achieve first production. Future development phases of the Atrush field are expected to be financed using cash flows from the sale of oil production from the Atrush Block.

New Ventures

As part of its normal business the Company continues to evaluate new opportunities in the MENA region.

About ShaMaran

ShaMaran Petroleum Corp. is a Kurdistan focused oil development and exploration vehicle with a 20.1% direct interest in the Atrush Block located in the region. This project is nearby and on trend with existing fields and recent discoveries.

Kurdistan lies within the northern extension of the Zagros Folded Belt. The area is highly underexplored and is currently undergoing a significant exploration and development campaign by over 40 mid to large size international oil companies.

ShaMaran Petroleum is a Canadian oil and gas company listed on the TSX Venture Exchange and the NASDAQ OMX First North Exchange (Stockholm) under the symbol "SNM".

The Company's condensed interim consolidated financial statements, notes to the financial statements and management's discussion and analysis have been filed on SEDAR (www.sedar.com) and are available on the Company's website (www.shamaranpetroleum.com).

Forward-Looking Statements

This press release contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as legal and political risk, civil unrest, general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management's capacity to execute and implement its future plans. Actual results may differ materially from those projected by management. Further, any forward-looking information is made only as of a certain date and the Company undertakes no obligation to update any forward-looking information or statements to reflect events or circumstances after the date on which such statement is made or reflect the occurrence of unanticipated events, except as may be required by applicable securities laws. New factors emerge from time to time, and it is not possible for management of the Company to predict all of these factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information.

On behalf of the Board,

Pradeep Kabra, President and CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

ShaMaran Petroleum's Certified Advisor on NASDAQ OMX First North is Pareto Securities AB.

Contacts:
ShaMaran Petroleum Corp.
Keith Hill
Chairman
(604) 806-3583
khill@namdo.com

ShaMaran Petroleum Corp.
Pradeep Kabra
President and CEO
0041 22 560 8605
pradeep.kabra@shamaranpetroleum.com

ShaMaran Petroleum Corp.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
sophias@namdo.com
www.shamaranpetroleum.com

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