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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Hanwei Energy Services Corp | TSX:HE | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.015 | 0.015 | 0.02 | 0 | 01:00:00 |
Update on COVID-19 Impact
As COVID-19 vaccination programs continue to be implemented in Canada and around the world oil prices have continued to increase. To the extent that the COVID-19 pandemic negatively impacts demand, and OPEC members and other oil exporting nations fail to implement production cuts or other actions that are sufficient to stabilize commodity prices, there may be volatility in crude oil prices despite the recent increase in prices over the last nine months. The COVID-19 situation remains dynamic due in part to new variants of the virus, and the ultimate duration and magnitude of the impact on the economy and the financial effect on the Company is not known at this time.
Financial and Operating Update
Hanwei's principal business operations are in two segments of the oil and gas industry as an operator and developer of its own oil and gas assets in Canada and as a specialized pipe supplier to the industry, both in Canada and internationally. For the financial year ended March 31, 2021, a summary of the Company’s annual financial results are as follows:
Summary of the 2021 Fiscal Year Financial Results from Continuing Operations | |||||||||
in thousands of CDN$ except percentages and per share data | |||||||||
FY2021 | FY2020 | ||||||||
Pipe | Oil & Gas | Corporate | Total | Pipe | Oil & Gas | Corporate | Total | ||
Revenue | 8,343 | 1,202 | - | 9,545 | 8,310 | 1,986 | - | 10,296 | |
Adjusted EBITDA | 795 | (641) | (630) | (476) | 759 | (967) | (696) | (904) | |
Adjusted EBITDA Margin | 10% | -53% | n/a | -5% | 9% | -49% | n/a | -9% | |
Adjusted EBITDA per share | 0.00 | (0.00) | (0.00) | (0.00) | 0.00 | (0.00) | (0.00) | (0.00) | |
Net Income (loss) | 508 | (4,256) | (1,150) | (4,898) | 777 | (3,310) | (935) | (5,022) | |
Diluted EPS(Basic and diluted) | 0.00 | (0.02) | (0.01) | (0.03) | 0.00 | (0.02) | (0.01) | (0.03) | |
Weighted average number of outstanding shares | Basic | 194,201,234 | Basic | 194,201,234 | |||||
Diluted | 194,201,234 | Diluted | 194,201,234 |
Oil and Gas Reserves
Remaining Reserves | Net Present Values After Tax | ||||||||||||||||
Mboe; After Tax (M$) | Gross | Company | Company | @ 0% | @ 5.0% | @ 10.0% | @ 15.0% | @ 20.0% | |||||||||
100% | Gross | Net | M$ | M$ | M$ | M$ | M$ | ||||||||||
2021 Reserves Report | |||||||||||||||||
Total Proved | 204 | 204 | 177 | 3,754 | 3,178 | 2,727 | 2,372 | 2,090 | |||||||||
Total Proved + Probable | 659 | 659 | 595 | 9,243 | 7,330 | 5,860 | 4,719 | 3,822 | |||||||||
2020 Reserves Report | |||||||||||||||||
Total Proved | 702 | 702 | 591 | 14,221 | 9,410 | 6,734 | 5,078 | 3,968 | |||||||||
Total Proved + Probable | 1,300 | 1,300 | 1,128 | 24,038 | 14,756 | 10,044 | 7,232 | 5,376 | |||||||||
Variance | |||||||||||||||||
Total Proved | (498 | ) | (498 | ) | (413 | ) | (10,467 | ) | (6,232 | ) | (4,007 | ) | (2,706 | ) | (1,878 | ) | |
YoY Variance % | -70.9 | % | -70.9 | % | -70.0 | % | -73.6 | % | -66.2 | % | -59.5 | % | -53.3 | % | -47.3 | % | |
Total Proved + Probable | (641 | ) | (641 | ) | (532 | ) | (14,796 | ) | (7,426 | ) | (4,184 | ) | (2,513 | ) | (1,555 | ) | |
YoY Variance % | -49.3 | % | -49.3 | % | -47.2 | % | -61.5 | % | -50.3 | % | -41.7 | % | -34.8 | % | -28.9 | % |
Update On Management Changes
Mr Graham Kwan will step down from his management responsibilities with the Company as its Executive Vice-President, Strategic Development and Corporate Affairs, and has resigned as its Corporate Secretary and as a Director of the Company effective June 30, 2021. The Company would like to thank Mr. Kwan for his contributions to the Company and wishes him success in his future endeavours.
About Hanwei Energy Services Corp.
Hanwei Energy Services Corp.’s principal business operations are in two segments of the oil and gas industry as both an equipment supplier to the industry (as a manufacturer of high pressure, fiberglass reinforced plastic (“FRP”) pipe products serving energy customers in the global energy market) and as an oil and gas producer with properties in Alberta.
For more information, please contact:
Mary MaChief Financial Officer604-685-2239mma@hanweienergy.com
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING INFORMATION
Certain information in this press release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions a description of which is set out in the risk factors section of the Company’s Annual Information Form dated June 18, 2020 and Management Discussion and Analysis for the year ended March 31, 2020 both of which are filed with Canadian securities regulators and available on SEDAR at www.sedar.com. The forward-looking information in this press release describes the Company’s expectations as of the date of this press release.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE PRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, THE COMPANY DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME, EXCEPT AS REQUIRED BY APPLICABLE SECURITIES LEGISLATION.
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