Source: Matra Petroleum AB
May 23, 2017 01:45 ET
Quarter ended 31 March 2017
|Q1, 2017||Q1, 2016|
|Sold crude oil production, bbl||25,670||14,174|
|Sold gas and natural gas liquids
|Selling price oil, USD/bbl||48.70||30.60|
|Selling price gas USD/mcf||6.51||3.17|
|Result for the period||(1,303)||(2,290)|
|Basic and diluted earnings per share, USD||(0.04)||(0.07)|
|Number of employees||27||22|
I am pleased to present Matra Petroleum AB (publ) first quarterly report as a listed company.
In the first quarter 2017, Matra recorded significant improvements in financial and operating performance compared to the first quarter 2016, driven mainly by higher production and improved oil and gas prices.
During the quarter Matra drilled and completed three new wells that were successfully tested and recently put on production. New wells produce at significantly higher rates than the current average and the plan is to replace low performing wells with production from new drilling.
The company has adapted to recent years' challenging operating conditions by increasing efficiency in operations and investments, eliminating uneconomic production and securing financing to maintain an active drilling program. The Company's debt portfolio has been restructured to secure long term debt financing for coming years and additional equity was raised to strengthen the balance sheet and fund capital expenditures.
Matra's asset portfolio has been thoroughly evaluated and selected wells have been drilled in order to gain valuable insight into the field and optimize future drilling plans. In this process, we identified 466 drilling opportunities Reserves are conventional and wells are shallow and quick to drill, presenting attractive returns at today's oil prices. In addition, approximately 200 idle wells can be brought back to production.
An active drilling program has been launched, aimed at raising production from the current asset base up to 6,000 boepd in coming years and bringing long term improvements in financial performance.
With the recent listing on Nasdaq First North and improved access to capital markets Matra is well positioned to grow organically and through selective acquisitions.
23 May 2017
Chief Executive Officer
For more information, please contact:
Maxim Barskiy, CEO, Matra Petroleum AB (publ)
Phone number: +46 8 611 49 95
Mangold Fondkommission AB is the Company's Certified Adviser.
Telephone: +46 (0) 85 03 01 550
Matra Petroleum AB (publ) | Eriksbergsgatan 10 | Box 7292 | 115 22 Stockholm
Telephone: +46 (0)8-611 4995 | web: www.matrapetroleum.com | Email: firstname.lastname@example.org
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 23 May 2017.
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 Petroleum 's shares are traded on NASDAQ First North in Sweden under the symbol MATRA.