SANTIAGO, Chile, June 3, 2013 /PRNewswire/ -- GEOPARK HOLDING
LIMITED (AIM: GPK)
(Photo: http://photos.prnewswire.com/prnh/20130603/MX24008-a
)
(Logo: http://photos.prnewswire.com/prnh/20130603/MX24008LOGO-b
)
- Production increased 39% averaging 13,426 boepd.
- Colombia oil production
increased 66% to 4,932 bopd (vs proforma 1Q2012).
- Revenues increased 75% to US$89.8
million in 1Q2013, 93% from sales of oil.
- Adjusted EBITDA increased 45% to US$49.7
million; Net income reached US$9.4
million.
- Netbacks increased 6% to US$41
per boe produced.
- CAPEX totaled US$75 million
including 5 wells drilled in Chile
and 10 in Colombia. Total 3D
seismic performed 1,000 Km2 in Chile and 25 Km2 in Colombia.
- US$300 million bond issued in
February 2013 (144A/RegS): more than
6 times oversubscribed, initial yield of 7 5/8%. Funds to be used
for new investments; US$170 million
used for refinancing.
- Momentum built into 2Q2013:
- Exploration drilling commenced in Tierra del Fuego with the
Chercan Well in the Flamenco Block following the 3D seismic
campaign.
- Strategic acquisition in Brazil of a 10% working interest in the Manati
Field, the largest natural gas producing field in Brazil.
Manati's EBITDA from 2012 represented approximately 30% of
GeoPark's Adjusted EBITDA for the same period. This asset
will increase GeoPark production in approximately 4,000 boepd.
(Acquisition is subject to Brazilian regulatory approval).
- Seven new onshore blocks awarded in the Brazilian Round 11 with
an investment commitment of US$15
million during the first three years of the exploratory
period. The new acreage added is approximately 54,850
acres.
1. Financial and Operational Highlights
|
(US$
million)
|
|
1Q13
|
1Q12
|
%
Chg.
|
2012
|
|
Revenues
|
|
89.8
|
51.3
|
75%
|
250.5
|
|
Oil
|
|
83.7
|
42.8
|
96%
|
221.6
|
|
Gas
|
|
6.1
|
8.6
|
-29%
|
28.9
|
|
Chile
|
|
45.5
|
46.0
|
-1%
|
149.9
|
|
Colombia
|
|
43.8
|
5.0
|
781%
|
99.5
|
|
Argentina
|
|
0.4
|
0.4
|
20%
|
1.1
|
|
Adjusted
EBITDA
|
|
49.7
|
34.3
|
45%
|
121.4
|
|
Chile
|
|
29.2
|
32.5
|
-10%
|
93.9
|
|
Colombia
|
|
22.0
|
2.7
|
707%
|
34.5
|
|
Argentina, Corporate & Others
|
|
-1.6
|
-0.9
|
66%
|
7.0
|
|
Adjusted EBITDA
Margin (%)
|
|
55.3%
|
66.7%
|
|
48.5%
|
|
Net Income
|
|
9.4
|
24.3
|
-61%
|
18.4
|
|
Net Income Margin
(%)
|
|
10.5%
|
47.3%
|
|
7.4%
|
|
Net Cash Flow from
Operations
|
|
82.7
|
37.5
|
120%
|
131.8
|
|
|
|
|
|
|
|
Weighted Avg. Shares
(million)
|
|
43.5
|
42.5
|
|
42.7
|
|
EPS Diluted
($)
|
|
0.15
|
0.46
|
|
0.27
|
|
Stock Price (£ as of
March)
|
|
660.0
|
|
|
|
|
Average Daily Traded
Volume ($ '000)
|
61.5
|
71.7
|
|
89.9
|
|
|
|
|
|
|
|
Production (average
boepd)
|
|
13,426
|
9,682
|
39%
|
11,276
|
|
Chile
|
|
8,436
|
9,099
|
-7%
|
7,802
|
|
Colombia
|
|
4,938
|
518(1)
|
853%
|
3,411
|
|
Argentina
|
|
52
|
64
|
-19%
|
63
|
|
% Oil /
Revenues
|
|
93.2%
|
83.3%
|
|
88.5%
|
|
% Gas /
Revenues
|
|
6.8%
|
16.7%
|
|
11.5%
|
(1) Calculated as total production since
the acquisition date divided by 90.
- Revenues up 75%: Total revenues increased to US$89.8 million in 1Q2013 from US$51.3 million in 1Q2012, mainly as a result of
a significant increase in oil production and the incorporation of
new production from Colombia. Oil
revenues from Chilean operations increased by 5.3% to US$39.4 million and Colombian operations
contributed additional oil revenues of US$43.8 million. Oil revenues represented 93% of
total revenues.
- Adjusted EBITDA up 45% reaching US$49.7
million compared to US$34.3
million in 1Q2012, again mainly due to the incorporation of
Colombian operations and a higher oil composition in our
production. As at 31 March 2013,
Colombian operations accounted for 44% of Adjusted EBITDA.
- Netbacks increased 6% to US$41
per boe compared to US$38.9 per boe
in 1Q2012 reflecting the higher weighting of oil in the production
mix, as well as the incorporation of Colombian operations into the
portfolio.
2. Summary of Financial Results
STATEMENT OF INCOME
|
(US$
million)
|
|
1Q13
|
1Q12
|
%
Chg.
|
2012
|
|
Revenues
|
|
89.8
|
51.3
|
74.9%
|
250.5
|
|
Production
Costs
|
|
(38.3)
|
(19.4)
|
97.9%
|
(129.2)
|
|
Gross
Profit
|
|
51.5
|
32.0
|
61.0%
|
121.2
|
|
Operating
Profit
|
|
26.5
|
24.9
|
6.5%
|
40.7
|
|
Financial
Income
|
|
0.3
|
0.3
|
-10.3%
|
0.9
|
|
Financial
Expenses
|
|
(12.9)
|
(4.2)
|
206.2%
|
(17.2)
|
|
Gain on
Acquisition
|
|
-
|
8.4
|
|
8.4
|
|
Profit Before Income
Tax
|
|
13.9
|
29.4
|
-52.8%
|
32.8
|
|
Income Tax
|
|
(4.4)
|
(5.1)
|
-13.4%
|
(14.4)
|
|
Profit for the
Period/Year
|
|
9.4
|
24.3
|
-61.1%
|
18.4
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
Equity holders of the
Parent Company
|
|
6.5
|
20.4
|
-68.3%
|
11.9
|
|
Non-controlling
Interest
|
|
3.0
|
3.9
|
-25.1%
|
6.6
|
BALANCE SHEET AS AT 31 MARCH
|
(US$
million)
|
2013
|
2012
|
|
|
2013
|
2012
|
|
|
|
|
|
|
|
|
Non-Current
Assets
|
540
|
404
|
|
Non-Current
Liabilities
|
342
|
167
|
|
|
|
|
|
|
|
|
PP&E
|
511
|
376
|
|
Borrowings
|
291
|
135
|
|
Other
Non-Current
|
29
|
28
|
|
Other Non-Current
Liabilities
|
51
|
32
|
|
|
|
|
|
|
|
|
Current
Assets
|
268
|
167
|
|
Current
Liabilities
|
143
|
108
|
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents
|
176
|
79
|
|
Borrowings
|
8
|
34
|
|
Prepayment and Other
Receivables
|
43
|
40
|
|
Trade and Other
Payable
|
123
|
70
|
|
Trades
Receivables
|
40
|
32
|
|
Other Current
Liabilities
|
11
|
5
|
|
Inventories
|
4
|
13
|
|
TOTAL
LIABILITIES
|
485
|
275
|
|
Other Current
Assets
|
6
|
4
|
|
Equity Owners
Company
|
248
|
245
|
|
|
|
|
Non-controlling
Interest
|
76
|
51
|
|
|
|
|
TOTAL
EQUITY
|
323
|
296
|
|
TOTAL
ASSETS
|
808
|
572
|
|
TOTAL EQUITY +
LIABILITIES
|
808
|
572
|
FINANCIAL INDICATORS
|
|
Units
|
As at 31 Mar
13
|
As at 31 Mar
12
|
Covenant
Limit
|
|
Gross Financial
Debt
|
|
$ million
|
299
|
168
|
|
|
Net Financial
Debt
|
|
$ million
|
123
|
89
|
|
|
Net Financial Debt /
Equity
|
|
times
|
0.4x
|
0.3x
|
|
|
Net Financial Debt /
Adjusted EBITDA(1)
|
|
times
|
0.9x
|
-(2)
|
|
|
Gross Debt / Adjusted
EBITDA(1)
|
|
times
|
2.2x
|
-(2)
|
<2.75x
|
|
Coverage
Ratio(1)
|
|
times
|
5.3x
|
-(2)
|
>3.50x
|
|
Liabilities /
Equity
|
|
times
|
1.5x
|
0.9x
|
|
|
Current
Liabilities
|
|
%
|
29%
|
39%
|
|
|
Non-Current
Liabilities
|
|
%
|
71%
|
61%
|
|
|
Cash and Cash
Equivalents
|
|
$ million
|
176
|
79
|
|
|
CAPEX
|
|
$ million
|
75
|
48
|
|
(1) Based on trailling 12 month financial
results
(2) Not available information for
March 2011
CONTACTS:
Juan Pablo Spoerer - CFO
Pablo Ducci - Funding & Investor
Manager
Tel: (562) 22429600 - email: ir@geo-park.com
SOURCE GEOPARK HOLDING LIMITED