SECOND QUARTER
- Revenue from oil & gas production incl. realized derivatives of -$1,206’ (3,090’).
- Effect from unrealized derivatives of $661’ (-1,436’). All derivatives sold in Q2.
- Gross result from production incl. realized hedges of -$1,830’ (2,186’) with a negative margin (71%).
- EBITDA of -$2,015’ (-2,144’).
- EBITDA for US operations adj. for all derivatives amounted to $122’ (-426’).
- Net result of -$3,254’ (-3,293’).
- Earnings per share -$0.09 (-0.10).
FIRST HALF YEAR
- Revenue from oil & gas production incl. realized derivatives of $1,087’ (6,789’).
- Effect from unrealized derivatives of $0’ (-1,190’). All derivates sold in Q2.
- Gross result from production incl. realized hedges of -$349’ (4,455’) with a margin of -32% (66%).
- EBITDA of -$2,184’ (-74’).
- EBITDA for US operations adj. for all derivatives amounted to -$44’ (570’).
- Net result of -$6,340’ (-2,882’).
- Earnings per share -$0.18 (-0.08).
SIGNIFICANT EVENTS DURING THE QUARTER
- Agreement signed for favorable debt refinancing (pressrelease 30 May, 2016).
- Volumes slightly higher in Q2 compared with previous quarter but still significantly lower than previous year due to un-economical wells.
- Signs of stabilization of the oil and gas market in the second quarter.
SUBSEQUENT EVENTS
- Negotations with lenders regarding closing of refinancing agreement to be finalised in a near future.
FINANCIAL KEY RATIOS
US$ Thousand | Q2 | Q2 | Q1-Q2 | Q1-Q2 | FY |
2016 | 2015 | 2016 | 2015 | 2015 | |
Revenues from oil and gas sales incl realized derivatives | -1,206 | 3,090 | 1,087 | 6,789 | 12,323 |
Value change in unrealized derivatives | 661 | -1,436 | 0 | -1,190 | 576 |
Gross profit from oil & gas operations incl. realized derivatives | -1,830 | 2,186 | -349 | 4,455 | 5,819 |
Gross margin, % | Neg. | 71% | -32% | 66% | 47% |
EBITDA | -2,015 | -2,144 | -2,184 | -74 | 808 |
EBITDA for the US oil operation (adj. for all derivatives) | 122 | -426 | -44 | 570 | -704 |
EBIT | -3,800 | -5,383 | -5,012 | -4,208 | -50,516 |
EBT | -3,252 | -3,293 | -6,360 | -2,882 | -49,983 |
Net result | -3,254 | -3,293 | -6,340 | -2,882 | -50,333 |
EPS (in US$) | -0.09 | -0.10 | -0.18 | -0.08 | -1.46 |
Production (boepd) | 665 | 1,248 | 600 | 1,243 | 1,068 |