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Africa Oil 2015 Second Quarter Financial and Operating Results13.08.2015 | 23:30 Uhr | Marketwired
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 13, 2015) - Africa Oil Corp. ("Africa Oil" or the "Company") (TSX:AOI)(OMX:AOI) is pleased to announce its financial and operating results for the three and six months ended June 30, 2015. During the second quarter of 2015, the Company focused its efforts on appraisal in the South Lokichar Basin, Extended Well Tests (EWTs) in the Amosing and Ngamia fields, and reservoir and engineering studies. This focus for 2015 has the following objectives; confirming reservoir quality and deliverability, resource size and definition, and advancement of the development plans, including the export pipeline. One drilling rig is currently active in the South Lokichar Basin. The current ambition of the joint venture partnership is to position the South Lokichar Basin development, and an export pipeline, for possible sanction by the end of 2016, subject to receipt of all necessary permits and approvals. Good progress continues to be made towards development of these oil resources and as part of the ongoing collaboration between the Governments of Kenya and Uganda on the oil export pipeline for the Lake Albert and South Lokichar resources, a joint technical adviser was appointed in late 2014. Subsequent to the end of the second quarter of 2015, on 10 August 2015, the Governments of Kenya and Uganda issued a joint communiqué which stated that "the two Heads of State agreed on the use of the Northern Route i.e. Hoima-Lokichar-Lamu for the development of the crude oil pipeline." At June 30, 2015, the Company had cash of $157.5 million and working capital of $81.7 million. During February 2015, the Company completed a brokered private placement issuing an aggregate of 57,020,270 shares at a price of SEK 18.50 per share for gross proceeds of SEK 1,055 million or $125.0 million. During May 2015, the Company completed a non-brokered private placement issuing an aggregate of 52,623,377 shares at a price of CAD $2.31 for gross proceeds of $100.0 million. The Company has completed the following significant operational activities in, and subsequent to, the second quarter of 2015:
Operating expenses decreased $33.2 million for the three months ended June 30, 2015 compared to the same period in the prior year. The majority of the decrease can be attributed to the write-off of $30.8 million of previously capitalized Block 7/8 exploration expenditures in Ethiopia which was recorded during the second quarter of 2014. The remaining decrease is due to a reduction in stock-based compensation and stock exchange filing fees. The decrease in stock-based compensation expense can be mainly attributed to a significant reduction in the fair value of each option granted in the first quarter of 2015 compared to the first quarter of 2014. Stock exchange and filing fees decreased $0.6 million during the three months ended June 30, 2015 compared to the same period in 2014 due to costs associated with the graduation to the TSX in Canada and the NASDAQ OMX Stockholm main board which occurred in the second quarter of 2014. Operating expenses decreased $43.7 million for the six months ended June 30, 2015 compared to the same period in the prior year. The majority of the decrease can be attributed to the write-off of $30.8 million of previously capitalized Block 7/8 exploration expenditures in Ethiopia during the second quarter of 2014. The remaining decrease is due to a reduction in stock-based compensation, donations, stock exchange filing fees, and a gain on loss of control of Africa Energy. The decrease in stock-based compensation expense can be mainly attributed to a significant reduction in the fair value of each option granted in the first quarter of 2015 compared to the first quarter of 2014. The Company made a donation of $0.8 million to the Lundin Foundation during the first half of 2015 compared to a donation of $1.5 million to the Lundin Foundation during the first half of 2014. Stock exchange and filing fees decreased $0.6 million during the first half of 2015 compared to the same period in 2014 due to costs associated with the graduation to the TSX in Canada and the NASDAQ OMX Stockholm main board which occurred in the second quarter of 2014. The Company's investment in Africa Energy changed from a position of control to a position of significant influence during the first quarter of 2015, which required the Company's investment in Africa Energy to be recorded as an equity investment. The accounting for the equity investment resulted in the recognition of a gain for accounting purposes of $4.2 million. Financial income and expense is made up of the following items:
At June 30, 2015, nil warrants were outstanding in the Company. Interest income decreased due to a reduction in cash held as the Company continued its active exploration activities. Foreign exchange gains and losses are primarily related to changes in the value of the Canadian dollar in comparison to the US dollar.
Intangible exploration assets increased during the first half of the year by $146.6 million as a result of the Company continuing to invest in its oil and gas properties in East Africa. The Company continues to finance its activities primarily through equity, and completed a private placement during the first quarter of 2015 in which 57,020,270 shares were issued and a private placement during the second quarter of 2015 in which 52,623,377 shares were issued. The Company is debt free.
Investing activities related to the Company's oil and gas activities in East Africa accounted for majority of the cash consumption of the Company. Cash inflows during the six months ended June 30, 2015 are related to the proceeds from the completion of two private placements during the first half of the year. The Company completed a private placement during March 2015 in which 57,020,270 shares were issued for gross proceeds of $125 million and completed a private placement during May 2015 in which 52,623,377 shares were issued for gross proceeds of $100.0 million. The following table breaks down the material components of intangible exploration expenditures for the six months ended June 30, 2015 and 2014:
The Company incurred $146.2 million of intangible exploration expenditures in Kenya for the six months ended June 30, 2015. Drilling and completion expenditures relate to the Epir exploration well (Block 10BB), the Engomo exploration well (Block 10BA), the Ekales exploration well (Block 13T), multiple South Lokichar Basin (Blocks 10BB and 13T) appraisal wells and completions relating to EWTs. The majority of development study spend relates to studies aimed at progressing towards project sanction for the South Lokichar Basin. The Company incurred $0.3 million of intangible exploration expenditures in Ethiopia for the six months ended June 30, 2015, which consists of 2D seismic work being performed in the Rift Basin Area. PSA and G&A related costs include personnel and office running costs, local community development expenditures, land surface fees, annual rental fees and other PSA fees.
The Company's unaudited consolidated financial statements, notes to the financial statements, management's discussion and analysis for the three and six months ended June 30, 2015 and 2014, and the 2014 Annual Information Form have been filed on SEDAR (www.sedar.com) and are available on the Company's website (www.africaoilcorp.com). Outlook In light of the current and forecast short term oil price environment, the Company has worked closely with Tullow to focus the 2015 work program and budget on advancing the discovered basin development in Blocks 10BB and 13T (Kenya) by undertaking activities aimed at increasing resource certainty and progressing development studies with the intent of submitting a FDP around the end of 2015. The 2015 work program includes multiple appraisal and exploration wells in the discovered basin, EWTs in the Amosing and Ngamia fields and reservoir and engineering studies (including extensive core analysis). The Company is pleased that the Governments of Kenya and Uganda have selected the pipeline route, enabling the joint venture partnerships to move on to the next phases of development with a Government ambition to reach project sanction by the end of 2016. Outside of the South Lokichar Basin, the Africa Oil - Tullow joint venture new basin opening exploration program potentially includes the Cheptuket well in Block 12A (Kenya), a PSC commitment well that needs to be drilled before September 2016. Outside of the Africa Oil - Tullow joint venture blocks, the 2015 work program is focused on the Rift Basin Area Block in Ethiopia where a 2D seismic program of approximately 600 kilometer land and lake survey has commenced acquisition. About Africa Oil Corp. Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia as well as a 41% equity interest in Africa Energy Corp. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol "AOI". FORWARD-LOOKING INFORMATION Certain statements made and information contained herein constitute "forward-looking information" (within the meaning of applicable Canadian securities legislation). Such statements and information (together, "forward looking statements") relate to future events or the Company's future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities, ultimate recovery of reserves or resources and dates by which certain areas will be explored, developed or reach expected operating capacity, that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect, "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The Company does not intend, and does not assume any obligation, to update these forward- looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government or other regulatory approvals, actual performance of facilities, availability of financing on reasonable terms, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual results may differ materially from those expressed or implied by such forward-looking statements. Cautionary Statements regarding Well Test Results Drill stem tests are commonly based on flow periods of 1 to 5 days and build up periods of 1 to 3 days. Pressure transient analysis has not been carried out on all well tests and the results should therefore be considered as preliminary. Well test results are not necessarily indicative of long-term performance or of ultimate recovery. Additional Information The information in this release is subject to the disclosure requirements of Africa Oil Corp. under the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. This information was publicly communicated on August 13, 2015 at 2:30 p.m. Pacific Time. ON BEHALF OF THE BOARD Keith C. Hill, President and CEO Contact Africa Oil Corp. Dieser Artikel stammt von Rohstoff-Welt.de
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