SANTIAGO, Chile, Sept. 2, 2013 /PRNewswire/ --
Operational Highlights
- Oil Production Up 49% to 10,798* bopd in 2Q2013 vs 2Q2012
- Total Oil and Gas Production Up 12% to 13,020* boepd in 2Q2013 vs 2Q2012
- New Oil and Gas Discoveries:
- Chercan gas field in Flamenco Block in Tierra del Fuego, Chile
- Tarotaro oil field in Llanos 34 Block, Colombia
- Potrillo oil field in Yamu Block, Colombia
(Logo: http://photos.prnewswire.com/prnh/20130603/MX24008LOGO-b)
Financial Highlights
- Revenues Up 32% to US$160.8* million (as of 30 June)
- Adjusted EBITDA Up: 20% to US$84.0* million (as of 30 June)
- Cash Position of US$149.4 million
* Operational and Financial figures do not include results from new Brazilian production acquisition, completion of which is expected in 2H2013.
Strategic Highlights
- Risk-balanced entry into Brazil with the acquisition of a 10% interest in the Manati Field and the award of seven exploration blocks in Potiguar and Reconcavo Basins
FINANCIAL HIGHLIGHTS
Six-months period ended June 30, 2013 compared to six-months period ended June 30, 2012
Six months ended June 30 |
||||
(in thousands of US$, except for percentages) |
2013 |
2012 |
Change, June 2013 vs. |
|
(unaudited) |
||||
Revenues |
||||
Net oil sales |
149,817 |
104,893 |
43% |
|
Net gas sales |
10,989 |
17,098 |
(36)% |
|
Total net revenue |
160,806 |
121,991 |
32% |
|
Production costs |
(81,147) |
(54,668) |
48% |
|
Gross profit |
79,659 |
67,323 |
18% |
|
Exploration costs |
(13,587) |
(10,199) |
33% |
|
Administrative costs |
(20,730) |
(13,562) |
53% |
|
Selling expenses |
(7,658) |
(7,981) |
(4)% |
|
Other operating expense |
4,205 |
(413) |
1,118% |
|
Operating profit |
41,889 |
35,168 |
19% |
|
Financial results, net |
(20,562) |
(7,344) |
180% |
|
Bargain purchase gain on acquisition of subsidiaries |
- |
8,401 |
(100)% |
|
Profit before income tax |
21,327 |
36,225 |
(41)% |
|
Income tax expense |
(7,092) |
(10,863) |
(35)% |
|
Profit for the period |
14,235 |
25,362 |
(44)% |
|
Non-controlling interest |
5,619 |
5,458 |
3% |
|
Profit for the period attributable to owners of the |
8,616 |
19,904 |
(57)% |
|
Net production volumes |
||||
Oil (mbbl) |
1,926 |
1,129 |
71% |
|
Gas (mcf) |
2,803 |
4,889 |
(43)% |
|
Total net production (mboe) |
2,393 |
1,944 |
23% |
|
Average net production (boepd) |
13,221 |
11,939 |
11% |
|
Average realized sales price |
||||
Oil (US$ per bbl) |
80.5 |
94.6 |
(15)% |
|
Gas (US$ per mcf) |
4.5 |
4.1 |
10% |
|
Average realized sales price per boe (US$) |
70.6 |
66.7 |
6% |
|
Average unit costs per boe (US$) |
||||
Production costs |
33.9 |
28.1 |
21% |
|
Exploration costs |
5.7 |
5.2 |
10% |
|
Administrative costs |
8.7 |
7.0 |
24% |
|
Selling expenses |
3.2 |
4.1 |
(22)% |
|
Average Adjusted EBITDA per boe (US$) |
35.1 |
36.1 |
(3)% |
|
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