31.03.2016
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DGAP-News: Activa Resources AG publishes Q1 Newsletter and provides preliminary 2015 financial data
DGAP-News: Activa Resources AG / Key word(s): Forecast/Final Results
Activa Resources AG publishes Q1 Newsletter and provides preliminary 2015
financial data
31.03.2016 / 08:18
The issuer is solely responsible for the content of this announcement.
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- 2015 revenues drop approx. 20 % to EUR 4.3 million
- EBIDTA positive, but impairments will lead to a significant 2015 group
net loss
- Oil and natural gas production increases 4.9 % to 106,000 BOE in 2015
- 54 % decline in PV10 value of proven reserves to USD 49.0 million as a
result of the oil and gas price collapse
- Approx. 65 % hedged in 2016 at an average of USD 67.5 per barrel
- Further cost cutting implemented
Bad Homburg, 31st March 2016. Activa Resources AG, an independent oil and
gas producer, expects to report a significant consolidated group loss for
2015 as a result of impairment charges. (vs. net loss of EUR 203k in 2014).
Despite the difficult market environment EBITDA will remain positive.
Activa expected and planned for a protracted period of weak pricing and
entered significant oil hedging agreements in 2014. In 2015 Activas's
hedging income totalled approx. USD 1 million. In 2016 its hedging
contracts cover approx. 65 % of current oil production. Overall oil and
natural gas production is currently running at 6,700 BOE per month.
While Activa's total revenues (including hedging income) dropped by approx.
20 % to EUR 4.3 million in 2015 (vs. EUR 5.5 million in 2014) as a result
of the pricing environment, the company's net production of oil, natural
gas and NGL's increased 4.9 % to 106,089 BOE. Net production of oil in 2015
fell 6.8 % to 66,091 BO (vs. 70,925 BO in 2014). Net production of natural
gas increased 40.8 % to 35,170 BOE (vs. 24,988 BOE in 2014). Net production
of natural gas liquids was 8.0 % lower at 4,827 BOE (vs. 5,244 BOE in
2014).
In January 2016 the second well at Pill Branch (Ford Heirs No. 1) was put
on production having been drilled in the third quarter of 2015. Initial
production rates were approx. 15 BO per day. Neither well has reached the
pre-drill expectations. It is unlikely that a major development plan will
be implemented at Pill Branch.
Total 1P reserves were marginally lower at 6.52 million BOE at January 1,
2016 (vs. 6.66 million BOE one year ago). This comprises an annual 5.9 %
decrease in proven oil reserves and a 6.2 % increase in proven natural gas
reserves. The PV10 value of Activa's proven reserves fell 53.6 % y-o-y from
USD 105.6 million to USD 49.0 million at January 1, 2016.
In 2015 Activa continued to implement measures to further reduce its cost
base. In addition to overhead cost cutting some marginal production has
been shut in and flow rates at Halls Bayou have been reduced. Leigh A.
Hooper, Activa's CEO adds: "Despite the continued difficult market
environment Activa's key assets remain of value and as prices improve we
plan to re-commence their development in order to start rebuilding
shareholder value in the company. Our primary aim is to survive the current
downturn without being forced into a position that would obstruct future
value opportunities."
Further details can be found in our Q1 Newsletter which can be downloaded
from www.activaresources.com
The Management Board
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
Activa Resources AG
Hessenring 107
61348 Bad Homburg
www.activaresources.com
Telefon: +49 (0)6172-483 2352
FAX: +49 (0)6172-483 2353
[email protected]
Investor Relations contact
GFEI Aktiengesellschaft
Mailänder Straße 2
30539 Hannover
www.gfei.ag
Telefon: +49 (0)511-4740 2311
FAX: +49 (0)511-4740 2319
[email protected]
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31.03.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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449965 31.03.2016
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