Source: Matra Petroleum AB
August 24, 2017 01:45 ET
Second quarter ended 30 June 2017 (Second quarter ended 30 June 2016)
Six months ended 30 June 2017 (Six months ended 30 June 2016)
|Sold crude oil production, bbl||27,102||19,506||52,772||33,680||81,417|
|Sold gas and natural liquids production, mcf||125,625||80,481||255,772||202,511||452,135|
|Selling price oil, USD/bbl||45.39||38.64||47.00||35.24||41.10|
|Selling price gas USD/mcf||5.57||3.79||6.05||3.46||4.46|
|Operating result, TUSD||-206||-1,952||-90||-2,919||-3,730|
|Result for the period, TUSD||-1,916||-3,333||-3,220||-5,622||-9,038|
|Earnings per share, USD (basic and diluted)||-0.04||-0.10||-0.08||-0.17||-0.27|
In the second quarter 2017, Matra continued to execute the strategy to replace old uneconomic wells with new, more productive wells to further improve profitability. So far in 2017, 11 new wells have been drilled, 6 were put on production in the second quarter and 4 additional wells have been completed after the reporting period. More than 60 old wells have been shut-in to date and Matra is currently producing oil and gas from around 235 wells.
As a result production volumes were 44% higher than in the same quarter last year while production costs per barrel of oil equivalent (boe) were approximately 24% lower. Sequentially, total production increased in the second quarter, compared to the first quarter, driven by higher oil production. Gas production was affected by annual maintenance at the gas processing plant in Borger, Texas which was shut down for two weeks in May 2017.
Improved operating performance and higher oil and gas prices resulted in multiple revenue expansion and further improvements in EBITDA. Quarter-on quarter EBITDA was affected by lower oil and gas prices in the second quarter than in the first quarter and costs for listing the company's shares on Nasdaq First North. Despite this, cash flow from operations was positive and improved year-on year and quarter-on-quarter.
We are on track executing our development plan, bringing new wells on production with 10 new wells producing in the third quarter. Matra is also actively engaged in the valuation of several acquisition opportunities in the area of our operations. Our team remains committed to further strengthening Matra's operational and financial performance and position.
24 August 2017
Chief Executive Officer
For more information, please contact:
Maxim Barskiy, CEO, Matra Petroleum AB (publ)
Phone number: +46 8 611 49 95
Matra Petroleum AB (publ) is a Swedish independent oil and gas exploration and production company operating in the United States, where the company owns and operates 136 leases, covering an area of 38,800 net acres in the Panhandle region in Texas. Matra's reserves amount to 22.9 million barrels of oil equivalent. Matra Petroleum 's shares are traded on NASDAQ First North in Sweden under the symbol MATRA. Mangold Fondkommission AB is Certified Adviser (www.mangold.se).
Matra Petroleum AB (publ) | Eriksbergsgatan 10 | Box 7292 | 115 22 Stockholm
Telephone: +46 (0)8-611 4995 | web: www.matrapetroleum.com | Email: email@example.com
This information is information that Matra Petroleum AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact person set out above, at 7:45 CET on 24 August 2017.