Activa Resources AG
Activa Resources AG resumes drilling activity
Activa Resources AG / Key word(s): Miscellaneous Activa Resources AG resumes drilling activity – Drilling activity resumes after 6 month hiatus – Zwick Partners LP increases stake in Activa Resources AG to 12 % – New appointment to Supervisory Board planned – US credit facility increased to USD 16 million – Expected 2014 group net loss of EUR 200.000 on sales of EUR 5.5 million Bad Homburg, 4th May 2015. Activa Resources AG, an independent oil and gas producer, reports today on further corporate and operational developments. Following the collapse in oil prices in the fourth quarter of 2014 Activa had suspended its drilling activities. After a 6 month drilling hiatus the company is pleased to report the following new drilling activity: – Halls Bayou, Texas: No. 2 well spudded on 21st April and is currently drilling ahead at approx. 7,000 feet. The target depth is approx. 12,000 feet. This well follows the excellent HB No. 1 well which has been on production since November 2014 and continues to produce at approx. 550 BOEPD. – Pill Branch, Arkansas: the second well is scheduled to commence drilling the first week of May. This vertical well is targetting several formations and will be drilled to a depth of approx. 6,000 ft. It follows the initial well at this prospect which has been producing consistently since 2013. – Adams Ranch, Texas: a new well is currently being spudded to target the Anacacho formation at a depth of 1,500 feet. Offset wells, which triggered a drilling obligation for Activa, have been strong producers. If successful, numerous Anacacho wells could be drilled. This would be a significant step forward regarding efforts to develop Adams Ranch. Each of these wells is expected to be economic in the current price environment with Activa’s hedging contracts in place (see previous announcements). The company has been informed that Zwick Partners LP, in Charlotte, North Carolina have increased their stake in the company to 12 %. The Supervisory Board and the Management Board will propose to the shareholders at the next Annual General Meeting to elect the founder and owner of Zwick Partners LP, Mr. Johannes Zwick, to join the Supervisory Board. Dr. Gerd Escher has expressed his desire to step down as member of the Supervisory Board at the next Annual General Meeting which will take place in Bad Homburg, Germany on 9th July. As a result of the 2014 drilling successes, and despite the current oil price environment, the company’s credit facility with Texas Capital Bank has recently been increased from USD 15 million to USD 16 million. Activa therefore remains flexible in its ability to fund its business. Finally, Activa announces its preliminary group result for 2014. This amounted to a small loss of EUR approx. EUR 200.000 (2013: net profit EUR 128,000) on production revenues of EUR 5.5 million (2013: EUR 5.3 million). Final 2014 financial statements will be published with the 2014 Annual Report at the end of May 2015. The Management Board About Activa Resources AG Forward-looking statements Company contact Investor Relations contact 2015-05-04 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 |
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