We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Coastal Eng | LSE:CEO | London | Ordinary Share | KYG224041189 | COM SHS USD0.04 (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1,056.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMCEO
RNS Number : 1174B
Coastal Energy Company
28 March 2013
TSX: CEN March 28, 2013
AIM: CEO
Coastal Energy Announces 2012 Year End Financial Results & Operations Update
Coastal Energy Company (the "Company" or "Coastal Energy") (TSX: CEN, AIM: CEO), an independent exploration and production company with assets in Southeast Asia, announces the financial results for the year ended December 31, 2012. The functional and reporting currency of the Company is the United States dollar.
2012 Financial Highlights
- Total Company production increased to 21,373 boe/d in the fourth quarter of 2012 from 14,508 boe/d in the same period last year. Year over year offshore production was bolstered by the inclusion of a full quarter of production at the Bua Ban North A platform. Sequential quarterly offshore production was impacted downwardly in the fourth quarter due to a production facilities swap out at Bua Ban North as well as downtime at the Bua Ban North B platform while the second rig was mobilized to that location in December. Average onshore production for the fourth quarter of 2012 was 2,419 boe/d compared to 1,122 boe/d in 2011. Total company production for the full year 2012 increased to 21,912 boe/d, a 90% increase from 2011 levels of 11,540 boe/d.
- EBITDAX for the full year of 2012 was $494.9 million, 145% higher than the $201.7 million recorded in 2011. Revenue and EBITDAX were driven higher by increased production and commodity prices. Crude oil inventory was 503,594 barrels at year end, the revenue from which will be recognized in 2013.
- The Company reported fully diluted EPS of $1.92, a 368% increase from 2011 fully diluted EPS of $0.41.
- The Company reported fully diluted CFPS of $3.27, a 101% increase from 2011 fully diluted CFPS of $1.63.
- Note: Per share calculations use weighted average fully diluted shares outstanding for the period
- The Company released the results of its third-party reserve evaluation report prepared by RPS Energy, Ltd. dated March 20, 2013 (effective date December 31, 2012). The Company reported significant gains in its 1P, 2P and 3P reserve bases, with volumetric increases of 9%, 40% and 78%, respectively. The Company's 1P, 2P and 3P NAVs also increased significantly, rising by 21%, 43% and 62%, respectively.
Hot Features
Premium
As of After-Tax
As of December December After-Tax After-Tax NPV per
31, 2012 31, 2011 NPV 2012 NPV 2011 Share
(mmboe) (mmboe) % Change (US$MM) (US$MM) % Change 2012 (US$)
-------------- --------------- ---------- --------- ---------- ---------- --------- -------------
Proved
Offshore 68.8 62.5 10% $1,832.1 $1,491.7 23% $15.64
Onshore 7.3 7.4 -1% $120.5 $126.5 -5% $1.03
-------------- --------------- ---------- --------- ---------- ---------- --------- -------------
Total
1P 76.1 69.9 9% $1,952.6 $1,618.2 21% $16.67
Proved
+ Probable
Offshore 120.4 80.0 51% $2,475.2 $1,668.0 48% $21.13
Onshore 23.9 22.9 4% $237.9 $230.7 3% $2.03
-------------- --------------- ---------- --------- ---------- ---------- --------- -------------
Total
2P 144.3 102.9 40% $2,713.1 $1,898.7 43% $23.16
-------------- --------------- ---------- --------- ---------- ---------- --------- -------------
Proved
+ Probable
+ Possible
Offshore 168.5 87.1 93% $2,919.0 $1,742.0 68% $24.92
Onshore 27.6 22.9 21% $275.9 $230.7 20% $2.36
-------------- --------------- ---------- --------- ---------- ---------- --------- -------------
Total
3P 196.1 110.0 78% $3,194.9 $1,972.7 62% $27.27
-------------- --------------- ---------- --------- ---------- ---------- --------- -------------
Note: Reserve figures are shown as net working interest before royalties (Thailand royalty regime is discussed in the MD&A of the Company's Annual Report dated December 31, 2012). After-tax NPV figures are defined as future net revenues discounted at 10%. Reserve numbers taken from the Company's competent person's report prepared by RPS Energy Ltd. dated as of December 31, 2012 (prepared in accordance with NI 51-101 and the COGE Handbook) which may be found on the Company's website at www.coastalenergy.com. Per share values are based on fully diluted shares outstanding as of December 31, 2012
Q1 2013 Operations Update
The Company continued its development program at Bua Ban North and Songkhla A and also completed its pilot hydraulic fracturing program at Bua Ban South during the first quarter.
Bua Ban North B
The Company drilled a total of four development wells and one water injection well at Bua Ban North B during the first quarter. The Company has completed two horizontal wells with new "swelling packers" which are expected to minimize water production and increase ultimate recovery. This new completion methodology takes longer to initially come onstream than previous methods, however, provides greater long term benefits for production. One of these wells is currently producing and the other is expected to come onstream within the next three weeks. Two additional vertical development wells were drilled on the northeastern flank of Bua Ban North B.
Bua Ban South
The Company has completed its pilot hydraulic fracturing program of two wells at Bua Ban South. The Bua Ban South A-01 well was completed with a three stage frac in the Lower Oligocene and produced at an initial rate of 1,200 bopd and has stabilized at a rate of approximately 450 bopd for the past five weeks. The Bua Ban South A-03 well was completed with a six stage frac in the Eocene and initially produced at a rate of 1,450 bopd and has produced approximately at that level for two weeks. Initial production from these wells was delayed following the initial fracture stimulation due to mechanical issues with the retrievable bridge plugs used during the stimulation and completion process. The Company has identified an alternative completion methodology that should eliminate similar delays in future well stimulations.
The A-04 Miocene producer has been completed and tied into production. The Company is going to reperforate the A-05 Miocene well and bring it onstream in the next two weeks.
Songkhla A
Two exploration wells were drilled into two previously untested fault blocks on the western side of the Songkhla A platform. The A-15 exploration well encountered 40 feet of net pay in the Eocene interval with 12% average porosity and the A-16 exploration well encountered 14 feet of net pay in the Lower Oligocene interval with 18% average porosity and 13 feet of net pay in the Eocene interval with 14% average porosity in a separate western fault block. The A-16 well has been fracked and will begin testing soon and the A-15 well is scheduled to be fracked once the frac equipment returns to the field in the third quarter. Additionally, two development wells and three water injection wells were drilled at Songkhla A during the quarter. The drilling rig that was at Songkhla A has mobilized to the Songkhla M prospect and will spud the M-01 exploration well by the end of this week.
The Company has determined that to fully develop the northeastern fault block discovered by the A-13 well, an additional satellite platform will be required. Consequently, no appraisal or development wells have been drilled in this fault block subsequent to the A-13 discovery well. The Company's year-end 2012 2P reserves include 4.0 million barrels in this fault block.
The A-10 producer was down for the majority of the first quarter awaiting pump replacement until the rig was moved off location.
The Company's current offshore production rate is approximately 23,000 bopd. Total Company production, including onshore gas, is approximately 25,500 boepd.
Randy Bartley, President and CEO of Coastal Energy, commented:
"Coastal delivered record production and cash flow for the fourth year in a row. We also delivered another solid year of reserves increases with offshore 2P reserves increasing by 50% and total Company 2P reserves increasing by 40%. The Company realized substantial additions to its 3P reserve base as well, adding 41.0 mmbbl of offshore Possible reserves. We anticipate that some of those offshore Possible reserves will be reclassified to 2P following additional development drilling in 2013. In 2012 Coastal expanded its horizons by signing a contract to develop a cluster of three oil fields offshore Malaysia.
"Coastal is poised for 2013 to be a solid year as well. We have added a second drilling rig so that we can continue our development programs at our existing fields while continuing to explore the prolific Songkhla basin. Two high-impact exploration prospects, the Bua Ban Terrace and Benjarong South, are scheduled to be tested in the second half of 2013
"We are very excited by the results of the pilot hydraulic fracturing program at Bua Ban South. Both wells have tested at stabilized production rates which are commercial. Our post frac analysis indicates there is room for optimization in our frac design and we believe we can improve both production rates and reduce frac costs. Following these excellent results we plan to move forward aggressively with our frac program to continue unlocking the potential of this substantial resource."
The following financial statements for the Company are abbreviated versions. The Company's complete financial statements for the three and twelve months ended December 31, 2012 with the notes thereto and the related Management Discussion and Analysis can be found either on Coastal's website at www.CoastalEnergy.com or on SEDAR at www.sedar.com. All amounts are in US$ thousands, except share and per share amounts.
INCOME STATEMENT
Years Ended December 31, 2012 2011
--------------------------------------------- --------------- ------------------
Revenues and Other Income
Oil sales 746,853 347,783
Royalties (79,280) (29,113)
--------------------------------------------- --------------- ------------------
Oil sales, net of royalties 667,573 318,670
Reimbursement of expenses under Malaysia
risk service contract (Note 3) 4,099 -
Other income (Note 16) (4,770) (21,566)
666,902 297,104
--------------------------------------------- --------------- ------------------
Expenses
Production 149,999 99,263
Malaysia risk service contract (Note 3) 4,099 -
Depreciation and depletion (Note 8) 70,139 61,136
Net profits interest (Note 18) 1,041 -
General and administrative 39,696 31,453
Exploration (Note 7) 7,477 8,374
Debt financing fees 2,165 796
Finance (Note 15) 4,715 4,825
Gains on disposal of property, plant and
equipment (252) (873)
279,079 204,974
--------------------------------------------- --------------- ------------------
Net income before income taxes and share of
earnings from Apico LLC 387,823 92,130
Share of earnings from Apico
LLC (Note 9) 19,110 14,527
--------------------------------------------- --------------- ------------------
Net income before income taxes 406,933 106,657
--------------------------------------------- --------------- ------------------
Income taxes (Note 21)
Current 150,329 135
Deferred 28,656 57,882
--------------------------------------------- --------------- ------------------
178,985 58,017
--------------------------------------------- --------------- ------------------
Net loss from discontinued operations (Note
18)
---------------------------------------------
Net income and comprehensive income 227,948 48,640
============================================= =============== ==================
Net income and comprehensive income attributable
to:
Shareholders of Coastal Energy 224,403 47,359
Non-controlling interests 3,545 1,281
--------------------------------------------- --------------- ------------------
227,948 48,640
--------------------------------------------- --------------- ------------------
Net income per share:
Basic (Note 19) 1.98 0.42
Diluted (Note 19) 1.92 0.41
BALANCE SHEET
December December
31, 31,
As at 2012 2011
----------------------------------------------------------- ------------ ------------
$ $
Assets
Current Assets
Cash 63,897 22,995
Restricted cash (Note 4) 6,452 28,447
Accounts receivable (Note 5) 56,848 16,939
Derivative asset (Note 12) 132 59
Inventories (Note 6) 20,856 14,161
Prepaids and other current assets 628 1,094
----------------------------------------------------------- ------------ ------------
Total current assets 148,813 83,695
Non-Current Assets
Exploration and evaluation assets (Note 7) 123,574 31,881
Property, plant and equipment (Note 8) 555,269 355,052
Investment in and advances to Apico LLC (Note 9) 60,266 47,698
Deposits and other assets 6,271 405
----------------------------------------------------------- ------------ ------------
Total non-current assets 745,380 435,036
Total Assets 894,193 518,731
=========================================================== ============ ============
Liabilities
Current Liabilities
Accounts payable and accrued liabilities (Note 10) 131,005 59,392
Income taxes payable (Note 21) 86,752 79
Current portion of long-term debt (Note 12) 34 55,662
Current portion of derivative liabilities (Note 12) 1,372 14,557
----------------------------------------------------------- ------------ ------------
Total current liabilities 219,163 129,690
Non-Current Liabilities
Long-term debt (Note 12) 95,066 22,156
Derivative liabilities (Note 12) 502 1,274
Derivative liability - Warrants (Note 11) 3,784 2,853
Deferred tax liabilities 98,423 69,767
Decommissioning liabilities (Note 13) 46,726 42,124
----------------------------------------------------------- ------------ ------------
Total Non-Current Liabilities 244,501 138,174
Shareholders' Equity (Note 19)
Common shares 213,260 211,554
Contributed surplus 18,940 16,401
Warrants -
Retained earnings 193,877 17,630
----------------------------------------------------------- ------------ ------------
Total Shareholders' Equity 426,077 245,585
Non-controlling interests 4,452 5,282
----------------------------------------------------------- ------------ ------------
Total equity 430,529 250,867
Total liabilities and equity 894,193 518,731
=========================================================== ============ ============
CASH FLOW STATEMENT
Years Ended December
31, 2012 2011
---------------------------------------------------------- ------------------ ------------------
Operating activities
Net income 227,948 48,640
Adjustments:
Share of earnings from Apico
LLC (19,110) (14,527)
Unrealized gain on derivative financial
instruments (14,030) (843)
Depletion and depreciation 70,139 61,136
Finance expense 4,715 4,825
Amortisation of debt financing
fees 1,322 786
Share-based compensation 14,190 15,185
Deferred income taxes 28,656 57,882
Unrealized foreign exchange
(gain) loss (885) 388
Exploration expense 7,477 8,374
Gains on disposal of property,
plant and equipment (252) (873)
Income taxes paid (63,656) (86)
Interest received 39 6
Interest paid (2,994) (4,022)
Dividends received from
Apico LLC 15,792 15,536
Change in non-cash working
capital:
Accounts receivable (39,909) (6,640)
Inventory (6,695) (1,378)
Prepaids and other curent
assets 466 (488)
Accounts payable and accrued
liabilities 71,574 4,899
Current income taxes
payable 86,673 48
---------------------------------------------------------- ------------------ ------------------
Cash flow provided by operating
activities - 381,460 188,848
------------------------------------- ------------------- ------------------ ------------------
Financing Activities
Issuance of common shares, net
of issuance costs 3,314 7,907
Repurchase of common
shares (18,753) -
Cash settlement of stock
options (31,136) -
Cash settlement of restricted
stock units (663) -
Borrowings under long-term
debt 50,000 6,275
Repayment of long-term
debt (30,000) -
Debt financing fees (4,074) (594)
Payments to non-controlling
interest (4,375) (2,558)
Other - (506)
----------------------------------------------------------
Cash flow (used) provided by financing
activities (35,687) 10,524
---------------------------------------------------------- ------------------ ------------------
Investing Activities
Decrease (increase) in restricted
cash 21,995 (12,078)
Purchase of property, plant
and equipment (309,599) (165,099)
Acquisition of increased ownership
interest in Apico LLC (9,250) -
Advances to Apico
LLC - (1,446)
Proceeds from disposal of property,
plant and equipment 352 250
Deposits and other assets
- Payments (6,000) (116)
Deposits and other assets
- Refunds 134 -
Cash flow used in investing
activities (302,368) (178,489)
---------------------------------------------------------- ------------------ ------------------
Effect of exchange rate
changes on cash (2,503) (1,772)
Increase in cash 40,902 19,111
Cash - Beginning of
year 22,995 3,884
Cash - End of year 63,897 22,995
========================================================== ================== ==================
Randy Bartley, President and Chief Executive Officer of the Company and a member of the Society of Petroleum Engineering and Jerry Moon, Vice President, Technical & Business Development, a member of the American Association of Petroleum Geologists, a Licensed Professional Geoscientist and a Certified Petroleum Geologist in the state of Texas, have reviewed the contents of this announcement.
Additional information, including the Company's complete competent person's report may be found on the Company's website at www.CoastalEnergy.comor may be found in documents filed on SEDAR at www.sedar.com.
This statement contains 'forward-looking statements' as defined by the applicable securities legislation. Statements relating to current and future drilling results, existence and recoverability of potential hydrocarbon reserves, production amounts or revenues, forward capital expenditures, operation costs, oil and gas price forecasts and similar matters are based on current data and information and should be viewed as forward-looking statements. Such statements are not guarantees of future results and are subject to risks and uncertainties beyond Coastal Energy's control. Actual results may differ substantially from the forward-looking statements.
Enquiries:
Coastal Energy Company
Email: investor@CoastalEnergy.com +1 (713) 877-6793
Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409 3494
Rory Murphy / Andrew Emmott
Macquarie Capital (Europe) Limited (Broker) +44 (0) 20 3037 2000
Jeffrey Auld
FirstEnergy Capital LLP(Broker)
Hugh Sanderson / Travis Inlow +44 (0) 20 7448 0200
Buchanan
Tim Thompson / Ben Romney +44 (0) 20 7466 5000
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR JPMLTMBTTMRJ
1 Year Coastal Eng Chart |
1 Month Coastal Eng Chart |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
