Valiant Petroleum announce full year results for the year ended 31 December 2012
- Production and sales below prior year.
- Causeway first oil delivered safely - our first operated development.
- Four well exploration programme delivered safely.
- Production and cash flow growth from Dons, Causeway and Fionn.
Valiant Petroleum plc (Valiant, the Group or the Company) announces its full year results for 2012. All figures throughout this document are presented in United States dollars ($) unless otherwise stated.
Production & financial
- Production and sales below prior year
- Causeway on stream, but marginally delayed and at lower flow rates than anticipated
- Strong operating cash flows
- Small profit for the year, following exploration write down and Causeway impairment
- Production growth in Q4, giving 11,500 bopd exit rate for the year
| $ million || 2012 || 2011 (restated) |
| Revenue || 233 || 318 |
| Operating cash flow || 151 || 223 |
| Exploration write-down || (84) || (24) |
| Impairment || (45) || - |
| Profit after tax || 1 || 108 |
| Net (debt) / cash || (119) || 14 |
| Production / bopd || 6,497 || 7,453 |
| Production exit rate / bopd || 11,517 || 5,628 |
| 2P Reserves / mmboe || 18.3 || 23.5 |
- Causeway first oil delivered safely - our first operated development
- Reserves increase on Don Fields greater than volume produced during the year
- 2P Reserves overall reduction following Crawford reclassification
- Four well exploration programme delivered safely
- Small oil discovery on Orchid
- 8 new licences won in 3 licencing rounds in UK, Norway and Iceland
- Strengthened Norwegian portfolio with acquisition from Rocksource
- Rigs secured for high impact 2013 exploration programme
- Production and cash flow growth from Dons, Causeway and Fionn
- Completion of Causeway and Fionn developments
- New Don Fields wells adding further Reserves
- Optimisation of exploration portfolio - retain upside but reduce cost through farmouts
- High impact exploration and appraisal programme
- Including Handcross, Norvarg and Storbarden wells
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