Valiant Petroleum announce full year results for the year ended 31 December 2012

Thursday, March 21, 2013
  • 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.

Highlights

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

Development

  • 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

Exploration

  • 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

2013 Outlook

  • 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

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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