GeoPark Quarterly Operations And Financial Results 2013

SANTIAGO, Chile, Sept. 2, 2013 /PRNewswire/ --

Operational Highlights

• Oil Production Up 49% to 10,798* bopd in 2Q2013 vs 2Q2012
• Total Oil and Gas Production Up 12% to 13,020* boepd in 2Q2013 vs 2Q2012
• New Oil and Gas Discoveries:
  • Chercan gas field in Flamenco Block in Tierra del Fuego, Chile
  • Tarotaro oil field in Llanos 34 Block, Colombia
  • Potrillo oil field in Yamu Block, Colombia

(Logo:  http://photos.prnewswire.com/prnh/20130603/MX24008LOGO-b)

Financial Highlights

• Revenues Up 32% to US$160.8* million (as of 30 June)
• Adjusted EBITDA Up: 20% to US$84.0* million (as of 30 June)
• Cash Position of US$149.4 million

* Operational and Financial figures do not include results from new Brazilian production acquisition, completion of which is expected in 2H2013.

Strategic Highlights

• Risk-balanced entry into Brazil with the acquisition of a 10% interest in the Manati Field and the award of seven exploration blocks in Potiguar and Reconcavo Basins

FINANCIAL HIGHLIGHTS    

Six‑months period ended June 30, 2013 compared to six‑months period ended June 30, 2012

 

	Six months ended June 30
(in thousands of US$, except for percentages)	2013	2012	Change, June 2013 vs. June 2012
	(unaudited)
Revenues
Net oil sales.........................................................................................	149,817	104,893	43%
Net gas sales.......................................................................................	10,989	17,098	(36)%
Total net revenue.................................................................................	160,806	121,991	32%
Production costs..................................................................................	(81,147)	(54,668)	48%
Gross profit...........................................................................................	79,659	67,323	18%
Exploration costs.....................................................................................	(13,587)	(10,199)	33%
Administrative costs................................................................................	(20,730)	(13,562)	53%
Selling expenses......................................................................................	(7,658)	(7,981)	(4)%
Other operating expense.........................................................................	4,205	(413)	1,118%
Operating profit....................................................................................	41,889	35,168	19%
Financial results, net................................................................................	(20,562)	(7,344)	180%
Bargain purchase gain on acquisition of subsidiaries.............................	-	8,401	(100)%
Profit before income tax....................................................................	21,327	36,225	(41)%
Income tax expense................................................................................	(7,092)	(10,863)	(35)%
Profit for the period............................................................................	14,235	25,362	(44)%
Non‑controlling interest...........................................................................	5,619	5,458	3%
Profit for the period attributable to owners of the     Company............................................................................................	8,616	19,904	(57)%
Net production volumes
Oil (mbbl).............................................................................................	1,926	1,129	71%
Gas (mcf)............................................................................................	2,803	4,889	(43)%
Total net production (mboe)..............................................................	2,393	1,944	23%
Average net production (boepd).............................................................	13,221	11,939	11%
Average realized sales price
Oil (US$ per bbl)..................................................................................	80.5	94.6	(15)%
Gas (US$ per mcf)..............................................................................	4.5	4.1	10%
Average realized sales price per boe (US$)...........................................	70.6	66.7	6%
Average unit costs per boe (US$)
Production costs..................................................................................	33.9	28.1	21%
Exploration costs.................................................................................	5.7	5.2	10%
Administrative costs............................................................................	8.7	7.0	24%
Selling expenses.................................................................................	3.2	4.1	(22)%
Average Adjusted EBITDA per boe (US$)……………......................	35.1	36.1	(3)%

 

SOURCE GeoPark

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