Activa Resources AG
Activa Resources AG: Activa Resources AG publishes 2014 group financial statements and drills three new wells
Activa Resources AG / Key word(s): Final Results/Miscellaneous Activa Resources AG publishes 2014 group financial statements and drills three new wells – 2014 oil production increases 18 % – 2014 group revenues grow 3 % to EUR 5.45 million – 2014 EBITDA stable at approx. EUR 2 million; net loss of EUR 203k – 3 new wells drilled in May 2015 Bad Homburg, 28th May 2015. Activa Resources AG, an independent oil and natural gas exploration and production company specialising in the development and exploitation of oil and natural gas fields in North America is pleased to announce details of its financial year 2014 and initial reports of three new wells drilled in recent weeks. As a result of its successful 2014 drilling programme, Activa’s oil production rose 18 % in 2014 and now accounts for 70% of total productionon a BOE basis. Oil also accounts for approximately 70 % of Activa’s Proven Reserves. Production of natural gas declined 25% as planned. 2014 revenues rose 3 % to EUR 5.45 million despite significantly lower oil prices in Q4. Group EBITDA was stable at approx. EUR 2 million. In line with previous statements by management, Activa Resources AG generated a small group net loss in 2014 of EUR 0.2 million (vs. a net profit of EUR 0.13 million in 2013). The result is particularly attributable to the dramatic fall in oil prices in the final quarter of the year and also to higher depletion charges. The balance sheet total increased 54 % to reach EUR 23.11 million at Dec. 31, 2014 (vs. EUR 15.10 million in 2013) as a result of the further capitalisation of drilling expenditures and currency effects (stronger USD/EUR exchange rate). The equity ratio improved from 22 % to 26 %. After a 6 month pause in drilling following the oil price collapse in the final quarter of 2014, Activa has recently resumed its drilling activities. The following three wells have recently been drilled to their respective total depths: – Pill Branch, Arkansas, working interest 100 %, 2nd oil well, total depth 6,000 feet, first producion expected June 2015 – Adams Ranch, Texas, working interest 82 %, shallow oil well, total depth 1,600 feet, first production expected late June 2015 – Halls Bayou, Texas, working interest 12 %, 2nd oil and natural gas well, total depth 12,500 feet, first production expected late June 2015. Preparations to resume drilling at OSR-Halliday are underway. Further details will be published in the Q2 Newsletter at the end of June. The 2014 Activa Resources AG Annual Report is available online at www.activaresources.com. The Management Board About Activa Resources AG Forward-looking statements Company contact Investor Relations Contact 2015-05-28 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
362513 2015-05-28 |