DGAP-News: Activa Resources AG releases 2012 group financial statements
(firmenpresse) - DGAP-News: Activa Resources AG / Key word(s): Final Results
Activa Resources AG releases 2012 group financial statements
24.06.2013 / 09:00
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NEWS RELEASE 24th JUNE 2013
Activa Resources AG releases 2012 group financial statements
- Oil and natural gas production rises 23.4 % to 131,023 BOE
- Production revenues rise 23.6% to EUR 4.85 million
- EBITDA: EUR 1.49 million (+27.3%)
- Operating cash flow: EUR 1.1 million (vs. EUR -0.32 in 2011)
- Confirmation of 2012 group forecasts
Bad Homburg, 24th June 2013. Activa Resources AG, an independent producer
of oil and gas company with operational knowhow in the development and
efficient exploitation of oil and natural gas properties, has released its
2012 financial statements.
In the 2012 financial year Activa again generated strong revenue growth on
the back of 23.4% higher production of 131,023 BOE (barrels oil
equivalent). Revenues from the production of oil and natural gas rose
accordingly by 23.6 % from EUR 3.93 million to EUR 4.85 million, thanks
primarily to the successful third OSR-Halliday horizontal well. EBITDA was
again positive at EUR 1.49 million (2011: EUR 1.17 million), representating
a y-o-y increase of 27.3%. EBIT also increased materially, improving by EUR
1.2 million to EUR -0.2 million. A net loss of EUR 0.80 million was
recorded (vs. EUR 2.05 million loss in 2011), resulting primarily from
interest costs totalling EUR 0.6 million (2011: EUR 0.64 million).
Operating cash flows rose from EUR 1.1 million to EUR 1.4 million.
The balance sheet total grew to EUR 13.7 million (2011: EUR 13.0 million).
The equity ratio fell from 33.8% to 26.1% primarily as a result of drawing
down the company's US credit line to finance the development of
OSR-Halliday.
In the current financial year Activa expects to put at least two new
OSR-Halliday horizontal wells on production. The fourth well, the best new
well drilled in the field to date, was recently put on production at rates
of up to 820 BOED and the fifth well is currently being completed. The
sixth well is likely to be drilled in the second half of 2013.
Management expects the new well results to generate higher production and
revenues in 2013 as well as a further improvement in profitablility.
Further details on the financial year 2012 can be found in the new 2012
Annual Report which will be available in English on the company's website
shortly (currently only available in German). Activa's AGM will take place
on August 2 in Bad Homburg.
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.
Forward-looking statements
This news release includes forward-looking statements. Forward-looking
statements include, but are not limited to, statements concerning estimates
of expected drilling and development wells and associated costs, statements
relating to estimates of, and increases in, production, cash flows and
values and otherstatements which are not historical facts. When used in
this document, the words such as 'could,' 'plan,' 'estimate', 'expect',
'intend', 'may', 'potential', 'should' and similar expressions are
forward-looking statements. Although Activa believes that its expectations
reflected in these forward-looking statements are reasonable, such
statements involve risks and uncertainties and no assurance can be given
that actual results will be consistent with these forward-looking
statements. Important factors that could cause actual results to differ
from these forward-looking statements include the potential that the
Company's projects will experience technological and mechanical problems,
that geological conditions in the reservoir may not result in commercial
levels of oil and gas production, that changes in product prices can have a
material impact and that Activa fails to raise sufficient capital to
adequately fund its activities.
End of Corporate News
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Datum: 24.06.2013 - 09:00 Uhr
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