DGAP-News: Activa Resources AG announces preliminary 2012 operating results and 2013 outlook
(firmenpresse) - DGAP-News: Activa Resources AG / Key word(s): Preliminary Results
Activa Resources AG announces preliminary 2012 operating results and
2013 outlook
19.02.2013 / 08:30
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Corporate News 19th February 2013
Activa Resources AG announces preliminary 2012 operating results and 2013
outlook
- 25% increase in oil and natural gas production revenues to approx. EUR
4.9 million in 2012
- 60% increase in EBITDA to approx. EUR 1.5 million
- 4th OSR-Halliday well to be fractured on March 18
- 5th OSR-Halliday well to spud in coming weeks
- 2013 outlook: further growth in revenues, reserves and profitability
Bad Homburg, 19th February 2013. Activa Resources AG, an independent oil
and gas company with operational knowhow in the development and efficient
exploitation of oil and natural gas properties, provides the following
preliminary details of its group financial performance in 2012. The company
has again reported consistent growth and a major move towards
profitability.
Revenues from the production of oil and natural gas increased by 25% in
2012 from EUR 3.9 milllion to approx. EUR 4.9 million. Activa's net
production of oil and natural gas increased a further 21 % from 106,138 BOE
to approx. 128,000 BOE. This is primarily attributable to the successful
third horizontal well at OSR-Halliday, Activa's main producing asset. Both
oil and natural gas production rose by a similar magnitude, leaving the
oil-to-gas split unchanged at approx. 40:60. 2012 EBITDA increased 50% to
approx. EUR 1.5 million (vs. EUR 1.0 million in 2011).
Leigh A. Hooper, Activa's CEO adds: 'Activa Resources has succesfully made
the transformation from a pure explorer to a low cost producer in recent
years. The company's consistent growth confirms the potential of our
strategy which is based on continuing to grow and develop our main assets,
especially OSR-Halliday and our waterflood projects. We are also adding new
opportunities to our project portfolio. For 2013 we expect stronger growth
rates in revenues, reserves, cash flows and improved profitability.'
Increased drilling activity at OSR-Halliday is on schedule. Hydraulic
fracturing of the 4th horizontal well is scheduled for March 18th. The 5th
horizontal will spud in the coming weeks and likely go on production by
mid-year. Recent activity has focussed on upgrading the field
infrastructure to support significantly higher production rates and to
achieve higher revenues from the produced liquid stream.
In the coming months Activa will also be focussing on its two waterflood
projects (Gray and Adams), both of which have significant potential from a
combination of waterflooding and new wells.
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.
Contact information:
Activa Resources AG
Hessenring 107
61348 Bad Homburg
www.activaresources.com
Phone: +49 (0)6172-483 2352
FAX: +49 (0)6172-483 2353
lah(at)activaresources.com
GFEI Aktiengesellschaft
Am Hauptbahnhof 6
60329 Frankfurt
www.gfei.de
Phone: +49 (0)69-7430 3700
FAX: +49 (0)69-7430 3722
activa-resources(at)gfei.de
End of Corporate News
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