Drillsearch Energy Limited Announces Executive Changes
Feb 18 15
Drillsearch Energy Limited announced that Ian Bucknell has resigned as a Company Secretary of Drillsearch and Clifford Tuck has been appointed Company Secretary alongside existing Company Secretary Jean Moore. Mr. Bucknell will continue in his role as Chief Financial Officer. Mr. Tuck will assume the joint Company Secretary role in addition to his role as General Counsel. Clifford Tuck and Jean Moore are the persons responsible for communication with the ASX in relation to Listing Rule matters.
Drillsearch Energy, Ltd. Provides Capital Expenditure Guidance for the Fiscal Year 2016 and 2017
Feb 18 15
Drillsearch Energy, Ltd. provided capital expenditure guidance for the fiscal year 2016 and 2017. For the fiscal year 2016, capex likely to be materially lower than fiscal year 2015. Activity and capex to be matched to operating free cash flow. The company will reprioritise investment to focus on near-term production and cash flow, and on reserves replacement, as well as on conventional Oil and Wet Gas. This is expected to result in a significant reduction in capital expenditure in fiscal year 2016 and fiscal year 2017, in line with the change in external market conditions.
For the fiscal year 2017, capex likely to be materially lower than fiscal year 2015. Activity and capex to be matched to operating free cash flow.
Drillsearch Energy, Ltd. Reports Consolidated Earnings and Production Results for the Half Year Ended December 31, 2014; Provides Production and Capex Guidance for the Full Year of 2015 and Capex Guidance for the Second Half of Fiscal Year 2015
Feb 18 15
Drillsearch Energy, Ltd. reported consolidated earnings and production results for the half year ended December 31, 2014. For the period, the company reported revenues of AUD 146.7 million, declined 27% from AUD 200.3 million a year earlier, primarily as a result of lower realised oil prices and lower production, following natural field decline that was partly offset by the connection of new wells late in the half. Underlying net profit after tax of AUD 32.4 million was 42% lower than the AUD 55.6 million in the prior corresponding period, while Adjusted EBITDA was AUD 52.8 million, down 54% from AUD 114.3 million, as a result of lower revenue. Statutory net profit after tax was AUD 14.3 million against AUD 35.5 million a year ago. Diluted earnings per share were 2.9 cents against 8.1 cents diluted per share a year ago. Operating cash flow was AUD 97.5 million against AUD 93.8 million a year ago. Net cash out flow was AUD 5.9 million against net cash inflow of AUD 39.9 million a year ago. Capital expenditure was AUD 95.6 million against AUD 95.7 million a year ago. Operating cash flow of AUD 97.5 million, whilst impacted by oil price decline during the half, continues to demonstrate strong operating margins. Cash flow continues to be further enhanced due to tax payments being protected by both carried forward company tax losses and significant Petroleum Resources Rent Tax (PRRT) carried forward starting bases. The strong operating cash flow has enabled continued investment in exploration, development and business acquisition activity. Profit before income tax was AUD 18,937,000 compared to AUD 89,577,000 a year ago. Payments for property, plant and equipment was AUD 2,191,000 compared to AUD 405,000 a year ago. Payments for exploration and evaluation assets were AUD 73,307,000 compared to AUD 17,802,000 a year ago. Payments for oil and gas assets were AUD 25,274,000 compared to AUD 4,681,000 a year ago. Profit before income tax from continuing operations AUD 18,937,000 compared to AUD 89,577,000 a year ago. Net debt at December 31, 2014 was AUD 4.1 million. Adjusted revenue was AUD 150.2 million.
For the period, production for the first half was 1.5 mmboe, down 13% from 1.8 mmboe in the prior corresponding period, reflecting continued strong performance from the Western Flank Oil Fairway.
For the second half of fiscal year 2015, the company expects capex to be in the range AUD 55 million to AUD 70 million, materially lower than the first half. Capex to be materially lower in second half of fiscal year 2015.
For the full year of 2015, production is now expected to be in the range of 3.0 to 3.2 mmboe.
For the full year of 2015, second half capex reflects the weighting of the full year 2015 work program to the first half, the deferral of activities originally planned for the second half, and the decision to bring forward additional development pad drilling in PEL 91 (following the success in the first half). Full-year capex guidance is updated to AUD 150 million to AUD 165 million.