07.07.2014
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DGAP-News: Activa Resources AG: positive outlook for 2014 as drilling programme at OSR-Halliday is accelerated
DGAP-News: Activa Resources AG / Key word(s): Miscellaneous
Activa Resources AG: positive outlook for 2014 as drilling programme
at OSR-Halliday is accelerated
07.07.2014 / 10:30
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Activa Resources AG: positive outlook for 2014 as drilling programme at
OSR-Halliday is accelerated
- Activa's assumptions regarding the potential of the field confirmed
- 7th horizontal well drilled to total depth
- 8th and 9th horizontal wells to spud in July and in the Autumn
respectively
- Positive initial guidance for interim performance and outlook for 2014
Bad Homburg, 7th July 2014. Activa Resources AG, an independent oil and
natural gas exploration and production company specialising in the
development and exploitation of oil and natural gas fields in North America
is pleased to announce that it is accelerating the development of the
OSR-Halliday field.
This is largely attributable to the very strong performance of the 4th, 5th
and 6th horizontal wells which have confirmed Activa's assumptions
regarding the potential of the field. This has now led to a new commitment
by the project partners to now develop the field more aggressively by
stepping up the pace of drilling.
Having put the 6th horizontal well on production at the end of April we
have now also successfully drilled the 7th well and expect to see initial
production in July. We are retaining the rig to spud the 8th well
back-to-back in the coming weeks. We will therefore have drilled 3 wells in
4 months by the end of July. The 9th well is set to be drilled in the
Autumn. Activa is therefore on schedule to drill 4 new OSR-Halliday
horizontal wells in 2014.
Activa's 2014 financial performance is now set to be stronger than 2013 as
a result of the positive operating developments and the acceleration of
drilling at OSR-Halliday. For the first half of 2014 group revenues are
expected to reach EUR 2.70 million, representing a 25% increase vs. the
first half of 2013. Group net income for the period is expected to be
positive. Overall, a stronger second half performance is expected as a
result of new production from the 7th and 8th horizontal wells at
OSR-Halliday and the Halls Bayou well coming online.
Further details can be found in our Q2 Newsletter at
www.activaresources.com.
Management
About Activa Resources AG
Activa Resources AG is an independent oil and gas company which focuses on
the acquisition, development and exploitation of oil and natural gas
properties. Activa Resources AG is listed on the Frankfurt stock exchange
and is based in Bad Homburg, Germany. The company's management and
technical team comprise oil industry experts with many years operational
experience at major international oil companies. Further information can be
found at www.activaresources.com.
Forward-looking statements
This news release includes forward-looking statements. Forward-looking
statements include, but are not limited to, statements concerning estimates
of expected drilling and development wells and associated costs, statements
relating to estimates of, and increases in, production, cash flows and
values and other statements which are not historical facts. When used in
this document, the words such as "could," "plan," "estimate", "expect",
"intend", "may", "potential", "should" and similar expressions are
forward-looking statements. Although Activa believes that its expectations
reflected in these forward-looking statements are reasonable, such
statements involve risks and uncertainties and no assurance can be given
that actual results will be consistent with these forward-looking
statements. Important factors that could cause actual results to differ
from these forward-looking statements include the potential that the
Company's projects will experience technological and mechanical problems,
that geological conditions in the reservoir may not result in commercial
levels of oil and gas production, that changes in product prices can have a
material impact and that Activa fails to raise sufficient capital to
adequately fund its activities.
Company contact Investor Relations contact
Activa Resources AG GFEI Aktiengesellschaft
Hessenring 107 Am Hauptbahnhof 6
61348 Bad Homburg 60329 Frankfurt
Germany Germany
www.activaresources.com www.gfei.de
Phone: +49 (0)6172-483 2352 Phone: +49 (0)69-7430 3700
FAX: +49 (0)6172-483 2353 FAX: +49 (0)69-7430 3722
[email protected] [email protected]
End of Corporate News
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276860 07.07.2014
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