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Lynden Energy: 1H15 Financial and operating results

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Hydrocarbon Engineering,


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.
Edited from press release by

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


 

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