Activa Resources AG
Activa Resources AG reports on the first half of 2014 and confirms positive outlook for full year
Activa Resources AG / Key word(s): Half Year Results Activa Resources AG reports on the first half of 2014 and confirms positive outlook for full year – Group revenues increase 24 % to EUR 2.65 million – Four-fold increase in EBITDA to EUR 0.99 million – Net earnings reach EUR 92k (vs. EUR 0.78 million loss) – Growth set to continue in H2 with new wells going on production Bad Homburg, 29th September 2014. Activa Resources AG, an independent oil and gas producer, announces its key financial data for the first half of 2014. As a result of the company’s focus on developing its oil assets, Activa’s oil production increased 44 % y-o-y during the first half to 31,666 barrels. Activa’s interest in the OSR-Halliday field remains the key asset accounting for 83 % of revenues. Consolidated group revenues from the production of oil and natural gas increased from EUR 2.13 million to EUR 2.65 million during the first half of 2014. Group profitability also improved significantly. Profits before interest, taxes and depreciation expenses (EBITDA) rose four-fold from EUR 0.23 million to EUR 0.99 million. Having reached break-even in 2013 group net earnings were again positive at EUR 92k vs. EUR -0.78 million in 2013 H1. The earnings swing of EUR 0.87 million is attributable to higher revenues, production optimisation and lower overhead costs. Activa’s CEO Leigh A. Hooper explains: “We are very pleased with our progress in the first half. With the recent drilling successes at OSR-Halliday and our plans to continue drilling operations in the coming months we expect the second half of the year to exceed our first half performance. Additional drilling activity, for example at Halls Bayou, confirms our positive outlook for the full year and going into 2015.” The full Activa Resources AG 2014 Interim Report is available for downloading from the company’s website www.activaresources.com. The Management Board About Activa Resources AG Forward-looking statements Company contact Investor Relations contact 29.09.2014 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 |
289222 29.09.2014 |