LONDON, Nov. 25, 2013 /CNW/ - Sea Dragon Energy Inc.
("Sea Dragon" or the "Company") (TSXV: SDX) announces its 2013
third quarter financial and operating results (the "Quarter" or "Q3
2013"). Highlights:
- Production increased by 69% to average 1,938 boe/d for the
quarter (Q3 2012: 1,149 boe/d)
- Oil Revenues after Royalties increased by 50% to US$16.7 MM @ US$105.10/bbl realized price (Q3 2012:
US$11.1 MM @$105.33/bbl price)
- Cash Flow from Operations increased by 241% to US$2.3 MM (Q3 2012: US$1.0MM)
- US$1.3 MM cash and cash
equivalents at end of Q3 2013
- US$10.9 MM of non-cash working
capital (including Kom Ombo reclassification as current asset held
for sale)
- US$(1.9) MM of Net Debt
Quarter Highlights:
- NW Gemsa concession.
-
- One injector well successfully drilled - AASE-15; second
sidetrack currently being completed prior to testing.
- Shukheir Marine concession
-
- Detailed technical update in progress on the Gamma and Shukheir
Bay fields.
- Ten-year licence extension application submitted to the
Ministry.
Post Quarter Events
- Collected US$ 2.1 MM in
outstanding Accounts Receivables.
- Concluded the sale of the Kom Ombo concession for US$ 7.2 MM.
- Paid back all debt balances. Currently no outstanding
debt.
Sea Dragon CEO, Paul
Welch, commented:
"I am delighted to report that the Company
had very strong production numbers this quarter up significantly
again year on year. It was also a quarter in which we
completed the bulk of our restructuring efforts. We
successfully completed the sale of our non-strategic Kom Ombo asset
and also consolidated our activities into a London base and a Cairo operations center, closing both our
Paris and Calgary offices. We are now
positioned with a much leaner and simpler corporate structure.
These changes, combined with the positive changes in the business
climate in Egypt, will allow the
Company to accelerate its growth in the future. I look
forward to reporting on our growth efforts in future
periods."
KEY FINANCIAL & OPERATING HIGHLIGHTS
(1) Denotes the three months ended
June 30, 2013
Consolidated financial statements with
Management's Discussion and Analysis ("MD&A") are now available
on the Company's website at www.seadragonenergy.com and on SEDAR at
www.sedar.com.
|
|
|
|
|
|
Fiscal Year |
Prior Quarter
(1) |
Three
months ended
September 30 |
Nine
months ended
September 30 |
|
|
2013 |
2012 |
2013 |
2012 |
Financial $000's |
|
|
|
|
|
Cash, end of period |
2,232 |
1,300 |
5,405 |
1,300 |
5,405 |
Working capital |
6,393 |
12,209 |
6,194 |
12,209 |
6,194 |
Funds from operations |
949 |
2,322 |
965 |
5,233 |
1,149 |
per share |
0.00 |
0.01 |
(0.00) |
0.01 |
0.00 |
Net Income/(Loss) |
(662) |
845 |
(19,498) |
(6,636) |
(21,661) |
per share |
(0.00) |
(0.00) |
(0.05) |
(0.02) |
(0.06) |
Capital expenditures |
1,635 |
2,059 |
2,445 |
5,513 |
7,755 |
Total assets |
43,184 |
43,678 |
54,885 |
43,678 |
54,885 |
Shareholders' equity |
34,220 |
35,251 |
47,641 |
35,251 |
47,641 |
Common shares outstanding (000's) |
376,459 |
376,459 |
376,459 |
376,459 |
376,459 |
Warrants outstanding (000's) |
- |
- |
30,000 |
- |
30,000 |
|
|
|
|
|
|
Operational |
|
|
|
|
|
Oil sales (bbl/d) |
1,716 |
1,727 |
1,149 |
1,647 |
1,105 |
Gas sales (mcf/d) |
1,058 |
1,117 |
- |
729 |
- |
NGL sales (Bbl/d) |
24 |
25 |
- |
16 |
- |
Total boe/d |
1,916 |
1,938 |
1,149 |
1,784 |
1,105 |
|
|
|
|
|
|
Brent oil price ($/bbl) |
101.47 |
110.60 |
109.28 |
108.04 |
112.03 |
|
|
|
|
|
|
Realized oil price ($/bbl) |
97.64 |
105.10 |
105.33 |
102.86 |
107.83 |
Realized gas price (US$/mcf) |
1.00 |
1.00 |
- |
1.00 |
- |
Realized NGL price (US$/bbl) |
65.00 |
65.00 |
- |
65.00 |
- |
Net Realized price ($/bbl) |
88.81 |
95.07 |
105.33 |
95.93 |
107.83 |
|
|
|
|
|
|
Royalties ($/bbl) |
45.88 |
49.52 |
55.96 |
49.67 |
57.17 |
Operating costs ($/bbl) |
13.76 |
12.30 |
9.13 |
12.77 |
10.25 |
Netback ($/bbl) |
29.17 |
33.26 |
40.24 |
33.48 |
40.41 |
Certain statements contained in this press
release constitute "forward-looking statements" as such term is
used in applicable Canadian and US securities laws. Any statements
that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions
or future events or are not statements of historical fact should be
viewed as forward-looking statements. In particular,
statements concerning the 2013 drilling and capital expenditure
programs of the NW Gemsa, Shukheir Marine, Kom Ombo and South
Disouq Concessions and the results referenced or implied herein
should be viewed as forward-looking statements. All reserves
information contained herein as well as the net present value of
such reserves should be considered as forward looking statements.
The forward-looking statements contained in this document are based
on certain assumptions and although management considers these
assumptions to be reasonable based on information currently
available to it, undue reliance should not be placed on the
forward-looking statements because the Company can give no
assurances that they may prove to be correct. By their very nature,
forward-looking statements are subject to certain risks and
uncertainties (both general and specific) that could cause actual
events or outcomes to differ materially from those anticipated or
implied by such forward-looking statements. Such risks and
other factors include, among others, costs and timing of
exploration and production development, availability of capital to
fund exploration and development and political, social and other
risks inherent in carrying on business in Egypt. See Sea Dragon's Annual Information Form for the
year ended December 31, 2012 for a
description of the risks and uncertainties associated with the
Company's business, including its exploration activities.
The forward-looking statements contained in this press release
are made as of the date hereof and the Company does not undertake
any obligation to update publicly or to revise any of the included
forward-looking statements, except as required by applicable
law.The forward-looking statements contained herein are expressly
qualified by this cautionary statement.
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 THE RELEASE.
Notes to Editors
Sea Dragon Energy is an international
exploration and development Oil Company with a focus on
North Africa. Activities are
currently concentrated in Egypt,
with interests in three concessions with short- and long-term
potential. For further information please see the Company website
at www.seadragonenergy.com or the Company's filed documents at
www.sedar.com.
SOURCE Sea Dragon Energy Inc.