Coastal Energy Announces 2011 Year End Financial Results
· Total Company production increased to 14,508 boe/d in the fourth quarter from 7,552 boe/d in the same period last year. The Company's offshore production was bolstered by the inclusion of a full quarter of production from the B platform at the recently discovered Bua Ban North field. The Company began tying in production at Bua Ban North A late in Q4 and realized production gains from that field beginning in 2012. Average onshore production was 1,122 boe/d, impacted by decreased demand due to the severe flooding in Thailand in Q3 and Q4 2011. Demand has made a significant recovery in 2012.
· EBITDAX for the fourth quarter was $75.1 million, significantly higher than the $4.4 million recorded in Q4 2010.
· The Company announced several successful appraisal and development wells at the Bua Ban North A & B platforms. These wells helped to further delineate the field and confirm that the two fields are in fact connected. One horizontal well was drilled during the quarter and began producing at a rate of approximately 3,000 bopd. The Company plans to drill several more horizontal development wells at the field to increase production and total recovery.
Full Year 2011 Highlights
· Total Company production averaged 11,540 boe/d for the full year of 2011, 19% above 2010 levels.
· The Company made significant discoveries at the Bua Ban North field and was able to begin production within three months of the initial discovery. The Company continued to appraise and develop the field throughout the year.
· The Company's full year 2011 EBITDAX was $201.7 million, 76% above 2010 EBITDAX of $114.3 million.
· The Company released the results of its third-party reserve evaluation report prepared by RPS Energy, Ltd. dated March 27, 2012 (effective date December 31, 2011). The Company reported significant gains in its 1P and 2P reserve bases, with volumetric increases of 211% and 102%, respectively. The Company's 1P and 2P NAVs also increased significantly, rising by 207% and 140%, respectively.
· As a result of its increased cash flow due to higher production and commodity prices, the Company has repaid $30 million of its outstanding debt balances in the first quarter of 2012. As of the date of this release, the Company has $55 million of cash and cash equivalents and $50 million of debt outstanding.
Randy Bartley, President and CEO of Coastal Energy, commented:
"2011 was the most successful year in Coastal's history. The Company delivered record production and cash flow. We also had a major discovery at the Bua Ban North field, which helped to increase our offshore 2P reserves by nearly 200%. We are very pleased with the results of 2011 and expect to build further on this success.
"2012 has also begun extremely well. We have drilled and tied in a handful of additional wells at Bua Ban North which have further boosted production. These wells were tied in during the month of February and brought average offshore production for the entire first quarter up to 21,100 bbl/d. Our current offshore production is 22,500 bopd.
“We have a very busy year ahead as we continue to develop Bua Ban North as well as perform redevelopment and injection drilling at Songhkla A. Additionally, we will continue exploring our substantial prospect inventory.”
The following financial statements for the Company are abbreviated versions. The Company‘s complete financial statements for the three and twelve months ended December 31, 2011 with the notes thereto and the related Management Discussion and Analysis can be found either on Coastal’s website at www.CoastalEnergy.com or on SEDAR at www.sedar.com. All amounts are in US$ thousands, except share and per share amounts.
Randy Bartley, President and Chief Executive Officer of the Company and a member of the Society of Petroleum Engineering and Jerry Moon, Vice President, Technical & Business Development, a member of the American Association of Petroleum Geologists, a Licensed Professional Geoscientist and a Certified Petroleum Geologist in the state of Texas, have reviewed the contents of this announcement.
Additional information, including the Company‘s complete competent person’s report may be found on the Company's website at www.CoastalEnergy.com or may be found in documents filed on SEDAR at www.sedar.com.
The Coastal Energy Company logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10062
This statement contains ‘forward-looking statements’ as defined by the applicable securities legislation. Statements relating to current and future drilling results, existence and recoverability of potential hydrocarbon reserves, production amounts or revenues, forward capital expenditures, operation costs, oil and gas price forecasts and similar matters are based on current data and information and should be viewed as forward-looking statements. Such statements are not guarantees of future results and are subject to risks and uncertainties beyond Coastal Energy's control. Actual results may differ substantially from the forward-looking statements.
These securities have not been registered under United States Securities Act of 1933 (the “US Securities Act”) or the securities laws of any state and may not be offered or sold in the United States or to US persons (as defined in Regulation S under the US Securities Act) unless an exemption from registration is available.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
This news release is not for dissemination in the United States or through United States newswire services
Website: http://www.CoastalEnergy.com
Contact
Enquiries: Coastal Energy Company
Email: Send Email
+1 (713) 877-6793
Strand Hanson Limited (Nominated Adviser)
Rory Murphy / Paul Cocker / Scott McGregor
+44 (0) 20 7409 3494
Macquarie Capital (Europe) Limited (Broker)
Paul Connolly / Jeffrey Auld
+44 (0) 20 3037 2000
FirstEnergy Capital LLP (Broker)
Hugh Sanderson / Travis Inlow
+44 (0) 20 7448 0200
Buchanan
Tim Thompson / Ben Romney
+44 (0) 20 7466 5000
This news is a press release provided by Coastal Energy Company.
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2014년 1월 19일 12:36
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2014년 1월 7일 08:40