Activa Resources AG
Activa Resources AG: positive outlook for 2014 as drilling programme at OSR-Halliday is accelerated
Activa Resources AG / Key word(s): Miscellaneous Activa Resources AG: positive outlook for 2014 as drilling programme at OSR-Halliday is accelerated – Activa’s assumptions regarding the potential of the field confirmed – 7th horizontal well drilled to total depth – 8th and 9th horizontal wells to spud in July and in the Autumn respectively – Positive initial guidance for interim performance and outlook for 2014 Bad Homburg, 7th July 2014. 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 that it is accelerating the development of the OSR-Halliday field. This is largely attributable to the very strong performance of the 4th, 5th and 6th horizontal wells which have confirmed Activa’s assumptions regarding the potential of the field. This has now led to a new commitment by the project partners to now develop the field more aggressively by stepping up the pace of drilling. Having put the 6th horizontal well on production at the end of April we have now also successfully drilled the 7th well and expect to see initial production in July. We are retaining the rig to spud the 8th well back-to-back in the coming weeks. We will therefore have drilled 3 wells in 4 months by the end of July. The 9th well is set to be drilled in the Autumn. Activa is therefore on schedule to drill 4 new OSR-Halliday horizontal wells in 2014. Activa’s 2014 financial performance is now set to be stronger than 2013 as a result of the positive operating developments and the acceleration of drilling at OSR-Halliday. For the first half of 2014 group revenues are expected to reach EUR 2.70 million, representing a 25% increase vs. the first half of 2013. Group net income for the period is expected to be positive. Overall, a stronger second half performance is expected as a result of new production from the 7th and 8th horizontal wells at OSR-Halliday and the Halls Bayou well coming online. Further details can be found in our Q2 Newsletter at www.activaresources.com. About Activa Resources AG Forward-looking statements Company contact Investor Relations contact End of Corporate News 07.07.2014 Dissemination of a Corporate News, transmitted by DGAP – a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
276860 07.07.2014 |