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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Pan Orient Energy Corp | TSXV:POE | TSX Venture | 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% | 1.21 | 1.19 | 1.24 | 0 | 01:00:00 |
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Pan Orient Energy Corp. ("Pan Orient") (TSX VENTURE:POE) is providing its 2013
second quarter consolidated financial and operating results. Please note that
all amounts are in Canadian dollars unless otherwise stated and BOPD refers to
barrels of oil per day net to Pan Orient.
The Corporation is today filing its unaudited consolidated financial statements
as at and for the six months ended June 30, 2013 and related management's
discussion and analysis with Canadian securities regulatory authorities. Copies
of these documents may be obtained online at www.sedar.com or the Corporation's
website, www.panorient.ca.
2013 SECOND QUARTER OPERATING RESULTS
-- Total corporate funds flow from operations for the second quarter of
2013 were $6.5 million compared with $5.7 million for the first quarter
of 2013 and $7.0 million for the second quarter of 2012. Funds flow from
operations per share was $0.11 for the second quarter of 2013.
-- In the second quarter of 2013 there was a net loss attributable to
common shareholders of $97.7 million, or $1.73 per share, compared with
net income attributable to common shareholders of $0.3 million, or $0.01
per share, for the first quarter of 2013 and $79.3 million, or $1.40 per
share, for the second quarter of 2012. The net loss in the second
quarter of 2013 resulted from a $99.6 million write-down of exploration
and evaluation assets associated with the Citarum and South CPP
Production Sharing Contracts ("PSC's") in Indonesia. In July 2013 Pan
Orient announced that at Citarum PSC the Company was discontinuing
drilling and initiating a farm-out process to seek a partner to continue
exploration, and the Company intends to relinquish the South CPP PSC
after review of the recent seismic data acquired. Net income
attributable to common shareholders in the second quarter of 2012 had
included an after tax gain of approximately $77.3 million on the
disposition of certain subsidiaries in Thailand.
-- Capital expenditures were $38.0 million for the second quarter of 2013
with $19.1 million in Thailand, $16.6 million in Indonesia and $2.3
million in Canada. Capital expenditures were partially funded by the
$6.6 million of Thailand funds flow from operations and the remainder
through existing working capital.
-- At June 30, 2013 Pan Orient had $54.3 million of working capital and
non-current deposits, and no long-term debt. In addition, Pan Orient had
$8.7 million of equipment inventory to be utilized for future Thailand
and Indonesia operations which is included in exploration and evaluation
assets in the consolidated statement of financial position.
-- Thailand
-- In the second quarter of 2013 Concession L53 averaged oil sales of
955 BOPD and generated $6.6 million in after tax funds flow from
operations, or $76.27 per barrel. This compares with oil sales in
the first quarter of 2013 of 819 BOPD and $5.9 million in after tax
funds flow from operations, or $79.55 per barrel. Compared with the
first quarter of 2013, oil sales increased 17% with the addition of
new wells brought on during the quarter, principally the L53-G2 and
L53-DC3 wells.
-- Oil sales in July 2013 from Concession L53 were 786 BOPD and
estimated oil sales over the past 30 days has averaged 737 BOPD.
Current Thailand oil production is approximately 894 BOPD, which
includes the L53-G4 well which has just commenced test production
and excludes the L53-G2 well which has been shut-in since July 14th
when it completed its 90 day production test period, at which time
it was producing approximately 301 BOPD.
The Company has submitted an application for an additional 90 day
test period for the L53-G2 well and is expecting a response shortly.
At this time we have no way of knowing if this 90 day test period
extension will be granted. The L53-G2 well drilled in late March
2013 was a new pool discovery outside the existing production
license areas and a production license and associated environmental
approval is required for the new L53-G field before permanent
production can commence. The Company applied for the new production
license for the L53-G oil pool in mid-August. Until a production
license is granted and environmental approval received for the L53-G
field, wells in the L53-G field (including L53-G2, L53-G3ST3 and
L53-G4) are shut-in at the end of their respective 90 day test
periods as per government regulations. Historically, it has been an
approximately 90 day period from the submission of the production
license application to approval. Production environmental approval
has historically taken substantially longer than 90 days, but in a
number of cases approval has been granted to extend the 90 day
production test period until the environmental approval has been
received.
Pan Orient drilled the L53-G4 appraisal well in July to complete
this current drilling program. The well has just commenced testing
and is currently producing approximately 147 BOPD with a water cut
of 1.4% from the deepest of three potential zones within the "K40-C"
sandstone interval. These results are from a very early cleanup
stage in the testing with the stabilized longer term production rate
likely to decrease from this initial rate.
-- On a per barrel basis, after tax funds flow from operations of
$76.27 in the second quarter of 2013 was consistent with the first
quarter of 2013 and resulted from oil sales of $97.47,
transportation expenses of $1.62, operating expenses of $10.48,
general and administrative expenses of $4.46 and a royalty to the
Thailand government of $4.89. Oil sales revenue during this period
was allocated 17% to expenses for transportation, operating, and
general & administrative, 5% to the government of Thailand for
royalties, and 78% to Pan Orient.
-- Capital expenditures of $19.1 million at Concession L53 and
Concession L45 during the second quarter of 2013 included $10.7
million in drilling costs for six wells, $5.8 million for 3D seismic
programs, and $2.1 million for well workovers to evaluate different
zones and add oil production, and $0.5 million of other costs.
-- The six well program in the second quarter of 2013 consisted of two
appraisal wells in the L53-DC field (L53-DC3 and L53-DC4), the L53-
G3 appraisal well in the L53-G field and three exploration wells
(L53-F, L53-EXT and L53-EXT1). Drilling in the second quarter of
2013 resulted in four oil wells which added average oil production
of 264 BOPD in the second quarter.
-- For the first half of 2013 the Company has drilled 12 wells in
Concession L53 resulting in:
-- The L53-DC1, L53-DC2, L53-DC3 and L53-DC4 wells producing oil
from a new pool discovery from a new fault compartment within
the L53-D East oil field area. Production from the heavy oil
zones encountered in the shallow zones at the L53-DC East field
has been inconsistent over the past two months as various
procedures have been applied in an effort to improve oil
production and deal with sand production. One initiative was the
installation of a progressive cavity pump and re-perforation of
L53-DC3 well which achieved rates of approximately 308 BOPD
before the pump motor burned out after approximately 10 days of
production. New pumps have been ordered and installation of
these progressive cavity pumps is planned for the L53-DC3 well
and two other wells in the L53-DC field.
-- The L53-DEXT exploration well was drilled in the second quarter
of 2013 into a new fault compartment at the L53-D field. This
well produced approximately 40 BOPD of 14 degree API heavier oil
from a shallow "A3" sands during testing within a new fault
compartment at the L53-D field. The well is currently shut-in
for testing of a radial jetting procedure to increase
production.
-- The L53-G2 discovery well and L53-G3 appraisal well producing
oil from the new L53-G oil pool.
-- Unsuccessful exploration wells at L53-DB1 (targeting the L53-D
West prospect), L53-A4 (targeting the L53-H prospect), L53-F,
and L53-EXT1 (targeting the deeper "A5" tp "A3" oil bearing
sands that were logged in the L53-DC4 pilot well). The L53-DB1
well has been converted to a water disposal well.
-- The L53-A4ST1 exploration well drilled to test a small
independent structural closure south east of the L53-A field and
outside the L53-A production license area. This well encountered
net oil pay in the "K40-A" sand and had produced on a 90 day
production test at approximately 15 to 50 BOPD with a water cut
of approximately 93%. L53-A4ST1 is currently shut-in and Pan
Orient plans to convert the well to a water disposal well.
-- Pan Orient intends to drill the L53-A Central prospect in Concession
L53 before the end of 2013 if environmental approval for drilling is
received by October 2013 and the well site can be constructed
outside of the rainy season.
-- Pan Orient is completing interpretation of the 260 square kilometer
3D seismic survey covering the northern portion of Concession L53
and the adjacent lands in Concession L45 which will set up an
additional exploration drilling program to commence in 2014.
-- Indonesia
-- The Company has conducted significant exploration activities in
Indonesia during the first half of 2013 with exploration drilling at
the Batu Gajah and Citarum PSC's and seismic programs at the Batu
Gajah, South CPP and East Jabung PSC's to evaluate exploration
potential.
-- Capital expenditures in Indonesia of $16.6 million in the second
quarter of 2013. During the first six months of 2013 capital
expenditures in Indonesia were $35.1 million with $11.2 million at
the Citarum PSC, $18.2 million at the Batu Gajah PSC, $4.5 million
at the South CPP PSC and $1.2 million at the East Jabung. For the
first six months of 2013, capital expenditures were $18.9 million
for exploration drilling, $13.1 million for seismic programs, $2.3
million for capitalized general and administrative expenses, and
$0.8 for other exploration expenses.
-- Citarum PSC onshore Java (Pan Orient operator and 97% ownership)
-- Capital expenditures of $11.2 million in the first half of 2013
were associated with the continued drilling operations at
Jatayu-1 and Cataka-1A.
-- The Jatayu-1 exploration well had commenced drilling in March
2012, suspended in September 2012 due to drilling difficulties
and recommenced drilling in December 2012 utilizing slim hole
drilling equipment. A severe overpressure gas zone encountered
created an unacceptable level of well control risk in early
January 2013 and drilling stopped above the primary target
formation. Formation water present in gas zone suggested no
commercial potential in the section that had been drilled above
the primary objective. The well was abandoned in January 2013.
-- The Cataka-1A well commenced drilling in early December 2012,
suspended in January 2013 due to numerous drilling rig issues
and recommenced drilling in May 2013 with a new drilling rig,
well design and personnel. The well encountered numerous
intervals of severely tectonically fractured shale that were
highly unstable and given the drilling difficulties encountered
to date and the low probability of reaching the final objective
in the Paragi limestone zone, the well has been abandoned.
-- Exploration drilling to date at the Citarum PSC has been very
technically challenging and has not led to commercial
discoveries. Pan Orient announced in July that the Company was
initiating a farm-out process to seek a partner for continued
exploration of the Citarum PSC. The Citarum PSC has significant
prospectivity for commercial quantities of crude oil and natural
gas, including the defined Cataka and Jatayu prospects, within a
region of existing infrastructure and a large deficit of natural
gas supply relative to demand, good fiscal terms and an
attractive large cost recovery pool.
-- Pan Orient's has decided to discontinue drilling at the Citarum
PSC and to initiate a farm-out process for continued exploration
of the Citarum PSC. This results in the future value of the
Citarum PSC dependent on the success of exploration drilling
operations through the intended farm-out arrangement. As such,
the Company is reducing the carrying value of the Citarum PSC
exploration and evaluation assets to zero and is recording an
impairment charge as at June 30, 2013 of $86.3 million for the
exploration and evaluation assets of the Citarum PSC as at June
30, 2013. The Cataka-1A well was drilling until the end of July
and drilling costs incurred after June 30, 2013 of approximately
$3.5 million will result in an additional impairment charge in
the third quarter of 2013.
-- Batu Gajah PSC onshore Sumatra (Pan Orient operator and 77%
ownership)
-- On January 16, 2013 an additional 1,730 square kilometers
(gross) of exploration lands were relinquished at the Batu Gajah
PSC, to hold 793 square kilometers (gross).
-- Capital expenditures in the first half of 2013 of $18.2 with
$4.7 million for drilling of the Shinta-1 exploration well, $4.5
million for the Buana-1 appraisal well, $7.9 million of the 400
square kilometer 3D seismic program which commenced in the
second quarter and will continue into the third quarter and
other capital expenditures of $1.1 million.
-- The Shinta-1 exploration well encountered sub-commercial oil in
the primary Lower Talangakar sandstone target and was abandoned.
-- The Buana-1 well was an updip appraisal of the North Tuba Obi-1
well drilled in 2011 and results suggested the Buana-1 and the
North Tuba Obi-1 fault compartments are not in communication and
the natural gas accumulation encountered in the Lower Talang
Akar formation of the North Tuba Obi-1 well in 2011 is limited
and sub-commercial. The Buana-1 well continued drilling
unsuccessfully to a total depth of approximately 3,800 feet, as
required by the Indonesian oil and gas regulator and within the
secondary basement reservoir objective, and was abandoned.
-- Based on drilling results in the western portion of the Batu
Gajah PSC during the first quarter of 2013, the decision was
made to defer the planned Kemala-1 exploration well until after
acquisition and interpretation of the 400 square kilometer 3D
seismic program is completed.
-- The major activity in the Batu Gajah PSC for the remainder of
2013 is to complete acquisition and evaluation of the 400 square
kilometer 3D seismic program which is focused on the eastern
half of the PSC. The estimated cost of this program is $15.8
million, of which $7.9 million was recorded in the first half of
2013.
-- South CPP PSC onshore Sumatra (Pan Orient operator and 77%
ownership).
-- Capital expenditures were $4.5 million in the first half of 2013
with $4.2 million for the 227 kilometer 2D seismic program which
was completed in May 2013 and $0.3 million for capitalized
general and administrative expenses and other capital
expenditures.
-- After the evaluation of the seismic program results, the Company
has decided to relinquish the South CPP PSC. As part of the
relinquishment, it is expected that the Company is required to
pay the Government of Indonesia for unfulfilled firm commitments
in the amount of $2.8 million, and this amount has been accrued
for as at June 30, 2013. As a result of the intended
relinquishment the Company is reducing the carrying value of the
South CPP PSC exploration and evaluation assets to zero and the
Company is recording an impairment charge of $13.3 million for
the exploration and evaluation assets of the South CPP PSC as at
June 30, 2013.
-- At the East Jabung PSC on-shore and offshore Sumatra (Pan Orient
operator and 100% ownership) capital expenditures of $1.2 million
related primarily to the initial costs of the 430 kilometer 2D
seismic program which is expected to be completed by year-end at a
total cost of $5.5 million.
-- As at June 30, 2013 estimated commitments for Indonesia PSC's to
October 2015 were $30.8 million for the Batu Gajah, Citarum and East
Jabung PSC's.
-- Canada
-- Activities are currently underway at the Sawn Lake SAGD
demonstration project. The demonstration project will start with a
2013 phase consisting of one SAGD well pair, a facility for steam
generation, water handling and oil treating, and water source and
disposal facilities with an estimated cost of $24.1 million. The
wells will be drilled to a depth of approximately 650 meters and
have a horizontal length of 750 meters. Work is proceeding on site
preparation, purchase of components for the facility, pipeline
installation and preparation for drilling. It is expected that the
horizontal well pair will be drilling in the second half of
September and steam operations commencing in early December 2013.
Oil production is anticipated in the first quarter of 2014.
-- Subsequent to June 30, 2013 our joint venture partners in the
demonstration project provided notice of their election to
participate for 50% in the demonstration project and have taken
steps to secure funding for their share of the project. As part of
the arrangement for the demonstration project, Andora is allowing
our joint venture partners to repurchase the 3% gross overriding
royalty on their 40% working interest in the 12 sections of the
Central Block for $2.8 million, under certain terms and conditions.
-- The demonstration project will now proceed with Andora as operator
with a 50% working interest and a 50% working interest held by non-
operators. Andora's share of the 2013 phase of the demonstration
project is expected to be $12.1 million. To June 30, 2013 Andora has
invested approximately $5.5 million in the demonstration project,
with $4.5 million in the period of January to June 2013.
OUTLOOK
-- Thailand
Looking ahead to the remainder of 2013, Pan Orient will continue with
heavy oil production initiatives that are currently underway involving
the use of progressive cavity pumps and radial jetting technology.
Processing and interpretation of the recently acquired approximately 260
square kilometer 3D seismic survey is ongoing and there have been very
encouraging preliminary results. On the basis of this work, the
exploration well at the "A Central" prospect, targeting the large 12 to
15 square kilometer (variance depending on stratigraphic level), will be
fast tracked to December 2013, assuming the environmental EIA is
approved prior to October 2013, in an attempt to get the well drilled
prior to year end. In addition, a number of structures have been mapped
in the region of the northern boundary of Concession L53 with one in
particular showing direct hydrocarbon indicators in zones from 300
meters to 800 meters depth. Environmental EIA approvals are currently
underway for these locations and two additional locations on the
recently acquired 60% interest in Concession L45. Approval is
anticipated towards the end of the third quarter of 2013 and drilling
planned for 2014.
-- Indonesia
Seismic crews are currently active on the Batu Gajah and East Jabung
PSC's. The large 400 square kilometer 3D seismic program on Batu Gajah
is anticipated to be completed within the next two months and the 2D
seismic survey on East Jabung is expected to be completed by year end.
The 2D seismic program just completed on South CPP has been interpreted,
and the Company has made the decision to relinquish the PSC due to the
limited potential that was identified.
Preparations are underway for the farm-out of a portion of Pan Orient's
97% interest in the Citarum PSC in exchange for potentially re-drilling
of the Cataka and Jatayu prospects. The intent is to complete the farm-
out process by second quarter of 2014 to allow dry season drilling in
the third quarter of 2014.
It is also anticipated at this time that Pan Orient may farm-out a
portion of the high working interests held in both the Batu Gajah and
East Jabung PSC's prior to drilling. A final decision on timing and the
amount of interest to be farmed out will be made by year-end when all
the seismic data has been acquired, processed and interpreted.
-- Canada - Sawn Lake (Operated by Andora, in which Pan Orient has a 71.8%
ownership)
Construction and drilling activities for the Sawn Lake demonstration
project will continue with the goal to commence steam injection at the
Sawn Lake SAGD demonstration project in late November 2013, and
production anticipated in the first quarter of 2014.
Pan Orient is a Calgary, Alberta based oil and gas exploration and production
company with operations currently located onshore Thailand, Indonesia and in
Western Canada.
This news release contains forward-looking information. Forward-looking
information is generally identifiable by the terminology used, such as "expect",
"believe", "estimate", "should", "anticipate" and "potential" or other similar
wording. Forward-looking information in this news release includes, but is not
limited to, references to: well drilling programs and drilling plans, estimates
of reserves and potentially recoverable resources, and information on future
production and project start-ups. By their very nature, the forward-looking
statements contained in this news release require Pan Orient and its management
to make assumptions that may not materialize or that may not be accurate. The
forward-looking information contained in this news release is subject to known
and unknown risks and uncertainties and other factors, which could cause actual
results, expectations, achievements or performance to differ materially,
including without limitation: imprecision of reserve estimates and estimates of
recoverable quantities of oil, changes in project schedules, operating and
reservoir performance, the effects of weather and climate change, the results of
exploration and development drilling and related activities, demand for oil and
gas, commercial negotiations, other technical and economic factors or revisions
and other factors, many of which are beyond the control of Pan Orient. Although
Pan Orient believes that the expectations reflected in its forward-looking
statements are reasonable, it can give no assurances that the expectations of
any forward-looking statements will prove to be correct.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
-----------------------------------------------
Financial and Operating Three Months Ended Six Months Ended
Summary June 30, June 30,
(thousands of Canadian
dollars except where
indicated) 2013 2012 2013 2012 Change
----------------------------------------------------------------------------
FINANCIAL
----------------------------------------------------------------------------
Oil revenue, before
royalties and
transportation expense 8,475 12,502 15,919 38,156 -58%
Funds flow from operations
(Note 1) 6,537 6,966 12,201 25,634 -52%
Per share - basic and
diluted $ 0.11 $ 0.12 $ 0.21 $ 0.45 -52%
Funds flow from operations
by region (Note 1)
Canada (65) (769) (188) (989) -81%
Thailand 6,632 7,790 12,492 26,744 -53%
Indonesia (30) (55) (103) (121) -15%
-----------------------------------------------
Total 6,537 6,966 12,201 25,634 -52%
-----------------------------------------------
-----------------------------------------------
Funds flow - Thailand
disposition net proceeds
(Note 2) - 157,952 - 157,952 -100%
Net income (loss) attributed
to common shareholders (97,677) 79,285 (97,336) 87,409 -211%
Per share - basic and
diluted $ (1.73) $ 1.40 $ (1.72) $ 1.54 -211%
Working capital 52,091 180,775 52,091 180,775 -71%
Working capital & non-
current deposits 54,345 184,536 54,345 184,536 -71%
Long-term debt - - - - 0%
Capital expenditures (Note
3) 37,978 23,980 72,487 45,451 59%
Shares outstanding
(thousands) 56,760 56,685 56,760 56,685 0%
----------------------------------------------------------------------------
Funds Flow from Operations
per Barrel (Note 1)
----------------------------------------------------------------------------
Canada operations $ (0.75) $ (6.41) $ (1.17) $ (2.82) -59%
Thailand operations 76.27 64.94 77.78 76.16 2%
Indonesia operations (0.35) (0.46) (0.64) (0.34) 88%
-----------------------------------------------
$ 75.17 $ 58.06 $ 75.97 $ 73.00 4%
----------------------------------------------------------------------------
Capital Expenditures (Note
3)
----------------------------------------------------------------------------
Canada 2,268 131 4,492 174 2482%
Thailand 19,145 13,156 32,938 26,769 23%
Indonesia 16,565 10,693 35,057 18,508 89%
-----------------------------------------------
Total 37,978 23,980 72,487 45,451 59%
----------------------------------------------------------------------------
Working Capital and Non-
current Deposits
----------------------------------------------------------------------------
Beginning of period 87,442 48,501 116,376 51,632 125%
Funds flow from operations
(Note 1) 6,537 6,966 12,201 25,634 -52%
Thailand disposition net
proceeds (Note 2) - 157,952 - 157,952 -100%
Thailand disposition -
sale of working capital
(Note 2) - (4,591) - (4,591) -100%
Recovery of 2012 taxes
paid on Thailand
disposition 1,785 - 1,785 - 100%
Capital expenditures (Note
3) (37,978) (23,980) (72,487) (45,451) 59%
Accrued relinquishment
costs (2,778) - (2,778) - 100%
Foreign exchange impact on
working capital (661) (312) (880) (640) 38%
Net proceeds on share
transactions - - 130 - 100%
-----------------------------------------------
End of period 54,347 184,536 54,347 184,536 -71%
----------------------------------------------------------------------------
Canada Operations (excluding
Thailand disposition)
----------------------------------------------------------------------------
Interest income 190 68 495 137 261%
General and administrative
expense (Note 4) (411) (1,061) (841) (1,317) -36%
Current income tax recovery 70 - 152 - 100%
Realized foreign exchange
loss 86 224 6 191 -97%
-----------------------------------------------
Funds flow from operations
(Note 1) (65) (769) (188) (989) -81%
-----------------------------------------------
-----------------------------------------------
Funds flow from operations
per barrel
Interest income $ 2.19 $ 0.56 $ 3.08 $ 0.39 690%
General and administrative
expense (Note 4) (4.74) (8.84) (5.24) (3.75) 40%
Current income tax
recovery 0.81 - 0.95 - 100%
Realized foreign exchange
loss 0.99 1.87 0.04 0.54 -93%
-----------------------------------------------
$ (0.75) $ (6.41) $ (1.17) $ (2.82) -59%
----------------------------------------------------------------------------
Indonesia Operations
----------------------------------------------------------------------------
General and administrative
expense (Note 4) (47) (55) (122) (121) 1%
Realized foreign exchange
gain 17 - 19 - 100%
-----------------------------------------------
Indonesia - Funds flow
from operations (Note 1) (30) (55) (103) (121) -15%
-----------------------------------------------
-----------------------------------------------
Wells drilled
Gross 1 - 3 1 200%
Net 1.0 - 3.0 0.8 275%
----------------------------------------------------------------------------
-----------------------------------------------
Three Months Ended Six Months Ended
June 30, June 30,
(thousands of Canadian
dollars except where
indicated) 2013 2012 2013 2012 Change
----------------------------------------------------------------------------
THAILAND OPERATIONS (Note 2)
----------------------------------------------------------------------------
Oil sales (bbls) 86,949 119,970 160,615 351,158 -54%
Average daily oil sales
(BOPD) by Concession
L44, L33, SW1 (interests
sold June 15, 2012) - 798 - 990 -100%
L53 955 520 887 939 -5%
-----------------------------------------------
Total 955 1,318 887 1,929 -54%
-----------------------------------------------
Average oil sales price,
before transportation
(CDN$/bbl) $ 97.47 $ 104.21 $ 99.11 $ 108.66 -9%
Reference Price (volume
weighted) and differential
Crude oil (Brent $US/bbl) $ 102.59 $ 111.35 $ 112.17 $ 116.32 -4%
Exchange Rate $US/$Cdn 1.01 1.01 1.02 1.01 1%
Crude oil (Brent $Cdn/bbl) $ 103.13 $ 111.94 $ 114.23 $ 117.97 -3%
Sale price / Brent
reference price 95% 93% 87% 92% -5%
Funds flow from operations
(Note 1)
Crude oil sales 8,475 12,502 15,919 38,156 -58%
Government royalty (425) (619) (784) (1,892) -59%
Other royalty - - - (49) -100%
Transportation expense (141) (249) (252) (693) -64%
Operating expense (911) (1,761) (1,663) (3,887) -57%
-----------------------------------------------
Field netback 6,998 9,873 13,220 31,635 -58%
General and administrative
expense (Note 4) (388) (603) (752) (1,524) -51%
Interest income 22 30 25 39 -36%
Current income tax - (1,510) (1) (3,406) -100%
-----------------------------------------------
Thailand - Funds flow from
operations (Note 1) 6,632 7,790 12,492 26,744 -53%
-----------------------------------------------
-----------------------------------------------
Funds flow from operations /
barrel (CDN$/bbl) (Note 1)
Crude oil sales $ 97.47 $ 104.21 $ 99.11 $ 108.66 -9%
Government royalty (4.89) (5.16) (4.88) (5.39) -9%
Other royalty - - - (0.14) -100%
Transportation expense (1.62) (2.08) (1.57) (1.97) -20%
Operating expense (10.48) (14.68) (10.35) (11.07) -6%
-----------------------------------------------
Field netback 80.48 82.30 82.31 90.09 -9%
General and administrative
expense (Note 4) (4.46) (5.03) (4.68) (4.34) 8%
Interest Income 0.25 0.25 0.16 0.11 42%
Current income tax - (12.59) (0.01) (9.70) -100%
-----------------------------------------------
Thailand - Funds flow from
operations (Note 1) $ 76.27 $ 64.94 $ 77.78 $ 76.16 2%
-----------------------------------------------
-----------------------------------------------
Government royalty as
percentage of crude oil
sales 5% 5% 5% 5% 0%
SRB as percentage of crude
oil sales 0% 0% 0% 0% 0%
Income tax as percentage of
crude oil sales 0% 12% 0% 9% -100%
As percentage of crude oil
sales
Expenses - transportation,
operating and G&A 17% 21% 17% 16% 4%
Government royalty and
income tax 5% 17% 5% 14% -65%
Funds flow from
operations, before
interest income and
realized foreign exchange
gain 78% 62% 78% 70% 12%
Wells drilled
Gross 6 1 12 7 71%
Net 6.0 0.6 12.0 5.0 140%
----------------------------------------------------------------------------
(1) Funds flow from operations ("funds flow" before changes in non-cash
working capital and reclamation costs) is used by management to analyze
operating performance and leverage. Funds flow as presented does not
have any standardized meaning prescribed by IFRS and therefore it may
not be comparable with the calculation of similar measures of other
entities. Funds flow is not intended to represent operating cash flow or
operating profits for the period nor should it be viewed as an
alternative to cash flow from operating activities, net earnings or
other measures of financial performance calculated in accordance with
IFRS.
(2) Thailand Concessions SW1, L44 and L33 were sold on June 15, 2012.
Proceeds of $185.3 million less transaction costs of $11.2 million and
estimated tax of $16.1 million results in proceeds net of expenses of
$158.0 million. After deducting $80.6 million related to the carrying
value of petroleum and equipment, exploration and evaluation costs, and
working capital sold (including the elimination of the associated
deferred tax liabilities, employee pension liabilities, and
decommissioning provision). The net gain on sale is $93.4 million before
tax and $77.3 million net after tax. The 2012 financial statements and
operating results include revenue, expenses and capital expenditures
associated with these properties to June 14, 2012.
(3) Cost of capital expenditures, excluding any decommissioning provision
and excluding the impact of changes in foreign exchange rates.
(4) General & administrative expenses, excluding non-cash accretion and gain
on settlement of decommissioning provision.
To view the map and tables associated with this release, please visit the
following link: http://media3.marketwire.com/docs/827poe_map_tables.pdf.
FOR FURTHER INFORMATION PLEASE CONTACT:
Pan Orient Energy Corp.
Jeff Chisholm
President and CEO (located in Bangkok, Thailand)
jeff@panorient.ca
Pan Orient Energy Corp.
Bill Ostlund
Vice President Finance and CFO
(403) 294-1770
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