Activa Resources AG reports on the first half of 2014 and confirms positive outlook for full year
Activa Resources AG reports on the first half of 2014 and confirms positive outlook for full year
- Group revenues increase 24 % to EUR 2.65 million
- Four-fold increase in EBITDA to EUR 0.99 million
- Net earnings reach EUR 92k (vs. EUR 0.78 million loss)
- Growth set to continue in H2 with new wells going on production
Bad Homburg, 29th September 2014. Activa Resources AG, an independent oil and gas producer, announces its key financial data for the first half of 2014. As a result of the company's focus on developing its oil assets, Activa's oil production increased 44 % y-o-y during the first half to 31,666 barrels. Activa's interest in the OSR-Halliday field remains the key asset accounting for 83 % of revenues.
Consolidated group revenues from the production of oil and natural gas increased from EUR 2.13 million to EUR 2.65 million during the first half of 2014. Group profitability also improved significantly. Profits before interest, taxes and depreciation expenses (EBITDA) rose four-fold from EUR 0.23 million to EUR 0.99 million. Having reached break-even in 2013 group net earnings were again positive at EUR 92k vs. EUR -0.78 million in 2013 H1. The earnings swing of EUR 0.87 million is attributable to higher revenues, production optimisation and lower overhead costs.
Activa's CEO Leigh A. Hooper explains: "We are very pleased with our progress in the first half. With the recent drilling successes at OSR-Halliday and our plans to continue drilling operations in the coming months we expect the second half of the year to exceed our first half performance. Additional drilling activity, for example at Halls Bayou, confirms our positive outlook for the full year and going into 2015."
The full Activa Resources AG 2014 Interim Report is available for downloading from the company's website www.activaresources.com.
The Management Board
About Activa Resources AG
Activa Resources AG is an independent oil and gas company which focuses on the acquisition, development and exploitation of oil and natural gas properties. Activa Resources AG is listed on the Frankfurt stock exchange and is based in Bad Homburg, Germany. The company's management and technical team comprise oil industry experts with many years operational experience at major international oil companies. Further information can be found at www.activaresources.com.
Forward-looking statements
This news release includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning estimates of expected drilling and development wells and associated costs, statements relating to estimates of, and increases in, production, cash flows and values and other statements which are not historical facts. When used in this document, the words such as "could," "plan," "estimate", "expect", "intend", "may", "potential", "should" and similar expressions are forward-looking statements. Although Activa believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include the potential that the Company's projects will experience technological and mechanical problems, that geological conditions in the reservoir may not result in commercial levels of oil and gas production, that changes in product prices can have a material impact and that Activa fails to raise sufficient capital to adequately fund its activities.
Company contact Investor Relations contact
Activa Resources AG GFEI Aktiengesellschaft
Hessenring 107 Am Hauptbahnhof 6
61348 Bad Homburg 60329 Frankfurt
Germany Germany
www.activaresources.com www.gfei.de
Phone: +49 (0)6172-483 2352 Phone: +49 (0)69-7430 3700
FAX: +49 (0)6172-483 2353 FAX: +49 (0)69-7430 3722
lah@activaresources.com activa-resources@gfei.de
