This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Oando Energy Resources Announces Third Quarter Results

CALGARY, Alberta, November 15, 2013 /PRNewswire/ --

Oando Energy Resources Inc. (" OER" or the " Company") ( TSX:OER), a company focused on oil exploration and production in Nigeria, today announced financial and operating results for the quarter ended September 30, 2013. The unaudited financial statements, notes and management's discussion and analysis (MD&A) pertaining to the period are available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at http://www.sedar.com and by visiting http://www.oandoenergyresources.com. All monetary figures reported herein are U.S. dollars unless otherwise stated.

Operational Highlights
  • 3,946 bbl/day in average production for the quarter ended September 30, 2013. This represented a 2% decrease from the same period last year;
  • $37.5 million in revenue from the sale of crude for the quarter ended September 30, 2013. This represented a 3% decrease from the same period last year; and
  • Average gross sales price realized per barrel of oil produced was $108 for the quarter ended September 30, 2013.

Financial Highlights
  • Entered into an amendment agreement with ConocoPhillips (NYSE: COP) to extend the long stop date for completion of the proposed acquisition of COP's Nigerian upstream oil and gas business (the "COP Acquisition");
  • Terminated the Brass LNG Purchase Agreement with COP, which was previously announced in connection with the COP Acquisition;
  • Received signed commitment letters for up to US$815 million of term bank financing towards the COP Acquisition;
  • $2.8 million in net income for the nine months ended September 30, 2013. This represented a decrease of 89% from same period last year and was a result of interest paid on the deposit for the COP acquisition;
  • $31.7 million in net income for the nine months ended September 30, 2013, excluding the interest paid on the deposit for the COP acquisition. This represented an increase of 24% from same period last year;
  • $21.3 million in net cash outflow from operating activities for the quarter ended September 30, 2013, compared to $34.9 million in net cash inflow from operating activities for the quarter ended September 30, 2012;
  • $5.3 million in cash and cash equivalents for the quarter ended September 30, 2013. This represented an increase of 13% from the period ended December 31, 2012; and
  • $604.9 million in borrowings as at September 30, 2013. This represented an increase of 20% from the period ended December 31, 2012. The increase was primarily a result of additional loans used to finance the COP Acquisition.

"During our third quarter we moved forward with the financing activities related to our acquisition of ConocoPhillips' Nigerian assets," said OER CEO, Pade Durotoye. "We were successful in receiving signed commitment letters for up to $815 million in credit facilities. We continue to focus on closing the transaction and plan to update the market in the weeks to come."

    Selected Third Quarter Results

                                                                    $ Change
                                                                ($'000s, except as
                                                                    otherwise
                            Nine months ended September 30,          indicated)
                                   2013            2012
                                        $'000s                       2013/2012
                            except as otherwise indicated
    Total Revenue                 103,235         107,454              (4,219)
    Barrels of oil
     equivalent produced (bbl)  1,050,789       1,155,703            (104,914)
    Average sales price
     per barrel (US$) (Gross)         108             106                    2
    Average sales price
     per barrel (US$) (Net)[1]         98              93                    5
    Cash flow from
     operations                  (21,323)          34,929             (56,251)
    Total Comprehensive
     Income(Loss)                   2,778          25,646             (22,868)
    Total Comprehensive
     Income(Loss) on a
     per-share basis                 0.03            0.24               (0.21)
    Total Assets             1,223,808[2]    1,127,050[3]               96,758
    Total non-current
     financial liabilities     206,150[2]      177,699[3]               28,451
    (1) Price excludes royalties (8% on OML 125 and 5% on the Ebendo Marginal
        Field) and the Nigerian Government profit share of profit oil in the
        production sharing contract in respect of OML 125.
    (2) As at September 30, 2013.
    (3) As at December 31, 2012

OPERATIONAL UPDATE (July - September 2013)

Ebendo Marginal Field Development

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,629.46 +188.87 1.08%
S&P 500 2,093.33 +25.69 1.24%
NASDAQ 5,091.1030 +51.3270 1.02%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs