Lynden Energy: 1H15 Financial and operating results

Lynden Energy Corp. has reported its financial and operating results, and reserves, for 1H15.

Highlights

• The total number of producing Wolfberry wells increased from 91 gross (37.18 net) to 109 gross (44.69 net).
• Primarily as a result of a significant drop in commodity prices, petroleum and natural gas sales decreased y/y by 25%.
• Realised prices decreased y/y 34% per bbl of oil, 25% per million ft³ of gas and 31% per bbl of NGL.
• Average daily production was 1400 Boe/d for 1H15 compared to 1231 Boe/d in 2014, an increase of 20%.
• Net loss for 1H15 was US$565 153 and US$0.00 per share and diluted share, compared to net income of US$15 403 651 and US$0.12 per share and diluted share during 1H14.
• The US$15 968 804 decrease in net income is primarily due to declining oil and gas revenues which were lower by US$7 207 097 in 2015. In addition, there was no gain on disposition of property, plant and equipment in the year for the period, compared to a gain of US$10 219 755 for the previous year.
• Oil revenues decreased y/y by 26% from US$23 570 733 during 2014 to US$17 367 615 during 2015. This was due to a US$32.35 per bbl decrease in the company’s average realised price of oil only partially offset by an increase in oil production volumes of 28 422 bbls.
• Natural gas revenues decreased y/y by 1% to US$2 198 265 for 1H15 as a result of a US$1.07 per million ft³ decrease in the company's average realised natural gas price partially offset by an increase in natural gas production volumes of 170 857 million ft³.
• NGL revenues decreased y/y by 28% to US$2 593 618 during 1H15 as a result of a US$9.50 per bbl decrease in the company’s average realised NGL price partially offset by an increase in NGL production volumes of 5026 bbls.

Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/29092015/lynden-energy-1h15-financial-and-operating-results-1505/