Highlights New management team complete and in place Tom Reynolds (ex Bridge Energy ASA): CEO Iain McKendrick (ex Ithaca Energy): Executive Chairman Robert Gair (ex Trinity): CFO, new Operations & Development Manager, Business…
Q3 Financial Results (US'000, unless otherwise noted) Q2 '14 Q3 '14 Revenues Production (boepd) 2,759 2,736 Average realized price (US/boe) 101.2 78.8 Production impacted by interruptions at Huntington and T&T Revenue 27,100 22,403…
Funding Position: 9-month to Sep 30, 2014 Cash Flow 120 105 100 Cash flows underpinned by new hedge 97 (costless collar) for a proportion of 2015 volumes 80 at 80/bbl floor US million 85 69 60 40 14 26 11 20 1 16 8…
Huntington Iona interest 15% (+1.8% royalty & 0.75% DLE) Q3 production of 2,583 boepd Operating efficiency impacted by issues at the CATS infrastructure which is used to export gas production Production shut-in for most of August…
Orlando Iona interest 75% and operator Important development project with net initial production of 8,000 boepd Significant progress during the quarter with full suite of offtake agreements finalised with CNR facilitating export…
Trent & Tyne Iona interest 20% Q3 production of 153 boepd Production reduced by planned and unplanned maintenance at the fields and the Bacton terminal Proposed acquisition of residual 80% interest in the field will not…
Strategic Priorities Grow and diversify our production portfolio Cash flows are too heavily reliant on a single asset as demonstrated by Q2, Q3 and likely Q4 results Active business development function reviewing numerous…
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