Pan Orient Energy Corp. ("Pan Orient") (TSX VENTURE:POE) is pleased to provide
highlights of its 2011 second quarter consolidated financial and operating
results. Please note that all amounts are in Canadian dollars unless otherwise
stated and BOPD refers to barrels of oil per day net to Pan Orient.
The Corporation will file today its unaudited condensed consolidated financial
statements as at and for the three and six months ended June 30, 2011 and
related management's discussion and analysis with Canadian securities regulatory
authorities. Copies of these documents may be obtained online at www.sedar.com
or the Corporation's website, www.panorient.ca.
2011 SECOND QUARTER HIGHLIGHTS
- Pan Orient had total corporate funds flow from operations of $13.3 million for
the second quarter of 2011 compared with $12.4 million for the first quarter of
2011 and $13.5 million for the second quarter of 2010. Funds flow from
operations per share (basic) was $0.23 for the second quarter of 2011. For the
six months ended June 30, 2011, Pan Orient had total corporate funds flow from
operations of $25.6 million, or $0.48 per share (basic).
- Net income attributable to common shareholders of $4.6 million, or $0.08 per
share (basic), for the second quarter of 2011 compared with net income
attributable to common shareholders of $3.9 million ($0.08 per share - basic)
for the first quarter of 2011 and $4.0 million ($0.09 per share - basic) for the
second quarter of 2010. For the six months ended June 30, 2011, Pan Orient had
net income attributable to common shareholders of $8.5 million, or $0.16 per
share (basic).
- Total capital expenditures for the second quarter of 2011 were $22.5 million,
with $13.3 million in Thailand, $9.0 million in Indonesia and $0.1 million in
Canada. For the first six months of 2011, total capital expenditures have been
$42.5 million, with $27.8 million in Thailand primarily for the drilling of 15
gross wells, $14.5 million in Indonesia for exploration activities and the Batu
Gajah drilling program, and $0.2 million in Canada. For the first six months of
2011, Thailand funds flow from operations has funded 95% of capital expenditures
in Thailand and the remaining capital expenditures have been funded from working
capital.
- At June 30, 2011 Pan Orient had $60.5 million of working capital and
non-current deposits, and no long-term debt. In addition, Pan Orient had $10.2
million of equipment inventory to be utilized for future Thailand and Indonesia
operations that is included in petroleum and natural gas assets on the balance
sheet. As at June 30, 2011 estimate commitments in Indonesia were $31.3 million
for the Batu Gajah, Citarum and South CPP Production Sharing Contracts
("PSC's"), excluding commitments associated with the East Jabung PSC which is
expected to be formally granted by the end of September. Estimated commitments
in Thailand at June 30, 2011 were $0.8 million, principally for the drilling of
two additional wells in Concession L53 which are scheduled for the fourth
quarter of 2011.
- Indonesia
-- In the first quarter of 2011 Pan Orient repurchased carried interests in the
Batu Gajah, Citarum and South CPP PSC's for $1.8 million, including the issuance
of 50,677 shares in Pan Orient at a deemed market value of $0.3 million. After
these transactions, Pan Orient has a 97% interest and is the operator at the
Batu Gajah PSC, a 77% interest and is the operator at the Citarum PSC, and 97%
interest and is the operator at the South CPP PSC.
-- At the Batu Gajah PSC on-shore Sumatra (Pan Orient operator and 97%
ownership), Pan Orient commenced the exploration drilling program in late March
2011.
--- The Tuba Obi Utara-1 (NTO-1) exploration well encountered 10.5 feet of gas
pay within good-quality sand near the top of the Lower Talang Akar formation
("LTAF"). The follow-up NTO-1ST side track well encountered the same gas sand
formation identified at the NTO-1 well. Initial drilling results at North Tuba
Obi are encouraging with proven gas in the LTAF and additional hydrocarbon
potential in the overlying formations existing eastward towards the crest of the
Tuba Obi structure. Further appraisal drilling will be required to determine the
commerciality and size of this accumulation.
--- The SE Tiung-1 exploration well encountered oil shows and good quality sands
within the primary Lower Talang Akar target horizon but wire line logging
indicated the zone to be water bearing. The secondary objective of the Gumai and
Upper Talang Akar formation sands were also present, but interpreted as being
water bearing. The well is currently being plugged and abandoned. The results at
SE Tiung-1 have no bearing whatsoever on the prospectivity of the upcoming three
well program and we remain confident in the overall hydrocarbon potential of the
Batu Gajah PSC.
--- There was repeated rig down time, rig repairs and resultant delays
experienced during the drilling of Tuba Obi Utara-1 and SE Tiung-1 exploration
wells. The decision has been made to release this drilling rig and defer the
drilling of Betano-1 exploration well for cost and safety considerations.
--- Final location approval has been received for three additional wells planned
for the Batu Gajah PSC (Tuba Obi Utara-2, Kemala-1 and Shinta-1) later in 2011
and final AFE approval is anticipated shortly. The Company is currently focused
on accelerating the commencement of the drilling of these additional wells (two
exploration wells and one appraisal well) with drilling to commence perhaps as
early as October 2011.
-- At the Citarum PSC on-shore Java (Pan Orient operator and 77% ownership),
land purchase has been finalized on two of three locations, contracts for a
drilling rig and location construction have been awarded, site construction has
been completed at Jatayu-1 and final acceptance of the three drilling locations
is expected to be delayed from September 15, 2011 until October, 2011 due to the
rerouting of location access at Cataka-1. Drilling of the first well is
anticipated to commence in approximately the same October 2011 time frame as in
Batu Gajah PSC.
-- It is expected that the East Jabung PSC will be formally granted to Pan
Orient in September 2011. The 6,228 square kilometer East Jabung PSC is located
on and offshore south Sumatra Indonesia, and directly east and adjacent to the
company's 97% working interest and operated Batu Gajah PSC. The initial bonus
and firm three year exploration commitment (including two wells and seismic) for
the East Jabung PSC total $9.2 million.
- Thailand
-- Average 2011 oil sales in Thailand in the second quarter of 2011 of 2,052
BOPD with 1,289 BOPD from Concession L44, 505 BOPD from Concession L53, 155 BOPD
from Concession L33, and 103 BOPD from Concession SW1. This compares with 2,246
BOPD in the first quarter of 2011 and 3,448 BOPD in the second quarter of 2010.
Average oil sales in July 2011 were 2,211 BOPD, with 1,353 BOPD from Concession
L44, 537 BOPD from Concession L53, 134 BOPD from Concession L33, and 186 BOPD
from Concession SW1.
-- Funds flow from Thailand operations was $13.5 million for the second quarter
of 2011 ($72.27 per barrel) compared with $12.9 million for the first quarter of
2011 ($63.61 per barrel). Funds flow from Thailand operations increased 5% in
the second quarter of 2011 due to a 9% increase in the realized price for crude
oil and a decrease in current SRB and income taxes, partially offset by an 8%
decrease in oil sales volumes.
For the second quarter of 2011, transportation expenses were $2.18 per barrel,
operating expenses and other royalty $13.05 per barrel, general and
administrative expenses $3.39 per barrel and amounts to the Thailand government
of $8.51 per barrel resulted in after tax funds flow from operations per barrel
of $72.27. The WTI reference price for crude oil per barrel increased 6% during
the quarter to CDN$99.90 and the Company's realized price increased to 99% of
this reference price based on strength of oil product prices in Singapore. For
the second quarter of 2011, Thailand crude oil revenue of $99.19 per barrel was
allocated 19% to expenses for transportation, operating, and general &
administrative, 9% to the government of Thailand in the form of royalties,
Special Remuneratory Benefit ("SRB") and Income Tax, and 72% to Pan Orient.
-- During the second quarter of 2011 Pan Orient drilled nine wells (6.6 net
wells) in Thailand with capital expenditures of $13.3 million. One drilling rig
was deployed at Concession L53 for most of the quarter drilling two development
wells and an appraisal well which twinned the L53-D exploration well drilled in
2009. The second drilling rig at Concession L44 and Concession L33 drilled six
wells, with two exploration wells, an appraisal well and a development well at
the WBEXT field, the L33-4 exploration well in Concession L33, and the POE-6A
appraisal well at the Wichian Buri field.
-- In the first six months of 2011 Pan Orient has drilled 15 wells (11.0 net
wells) with total capital expenditures in Thailand of $27.8 million.
--- Pan Orient has drilled five wells in Concession L53 (Pan Orient operator and
100% ownership) including three development wells, the L53-B appraisal well, and
the appraisal to the L53-D well which was drilled in 2009. Capital costs of
$12.7 million to June 30, 2011 include this five well drilling program plus
capital costs associated with the L53-C exploration well which spudded on
December 30, 2010. This five well drilling program has resulted in four
producing sandstone oil wells and the L53-B oil well which had produced 3,135
barrels of oil under a 90 day test period. These wells added 286 BOPD in the
second quarter of 2011 and are currently producing 402 BOPD.
--- Pan Orient has drilled four wells at the WBEXT field in Concession L44 (Pan
Orient operator and 60% ownership) at a cost of $5.2 million. This has resulted
in two oil wells producing from sandstone zones and on oil well producing from
the WBV2 volcanic zone. The WBEXT-1E development well is on production from the
"E" sandstone zone, and the "E" sand reservoir will be a near term focus of
drilling activity with 15-20 locations in the main WBEXT fault compartment. The
WBEXT-1F exploration well resulted in the discovery of new "D" and "E" sandstone
reservoir pools in the WBEXT-1F fault compartment for which a follow-up
appraisal program is being defined. The WBEXT-2B appraisal well is producing
from the WBEXT WBV2 volcanic zone. These wells added 79 BOPD of oil sales in the
second quarter of 2011 and are currently producing 209 BOPD.
--- Another four exploration wells and one appraisal well were drilled in
Concession L44 (Pan Orient operator and 60% ownership) at a cost of $5.1
million. In the first quarter of 2011 the Company had limited success in the
four exploration wells drilled at Si Thep, Na Sanun East (the NSE-E4 well) and
two new exploration areas (L44-E and L44-F) resulting in three unsuccessful
wells and one well with minor oil production. The POE-6A appraisal well drilled
in the second quarter of 2011 is producing oil from the "G" sandstone zone at 46
BOPD.
--- Pan Orient drilled the L33-4 exploration well in Concession L33 (Pan Orient
operator and 60% ownership) plus completed sidetrack operations to evaluate the
WBV1 volcanic reservoir at the L33-2 well with a capital cost of $3.0 million.
These wells are shut-in.
- Andora Energy, a private company owned controlled by Pan Orient which has an
oil sands project at Sawn Lake, Alberta, initiated a process to identity and
consider strategic alternatives late in February 2011. It had been expected that
an agreement associated with the strategic review would have been in place by
the middle of June, however this did not happen and this process is ongoing with
a number of parties having expressed interest, in addition to one entity that
has only recently initiated their technical evaluation of the asset.
Thailand Operations Update
Concession L53 (Pan Orient 100% working interest and operator)
Concession L53 drilling in 2011 has established production from three different
producing sandstone zones, the K40-D, K40-C and K40-A sands. Current production
rates are at levels consistent with the proved and probable oil reserves
assigned in the December 31, 2010 evaluation. At least one exploration well is
planned in Concession L53 for the remainder of 2011 at the L53-G prospect
targeting conventional sandstone reservoirs that are on trend with the L53-A
field. Drilling is anticipated to commence in October or November 2011 upon
completion of location construction after the monsoon season.
The operator of the concession immediately to the north of Concession L53 has
conducted a higher level of activity in 2011 and requested permission to extend
a small portion of a large 3D seismic survey into the northern part of
Concession L53, which we have granted, in exchange for the receiving that
portion of the seismic data located in Concession L53. To date, Pan Orient has
concentrated drilling in a region 32 kilometers south of this northern boundary
area where we completed a 3D seismic program in 2007. Recent mapping of limited
old vintage 2D seismic over the northern boundary region indicates the presence
of a mature source rock kitchen that in combination with a producing oil field
located 3.6 kilometers north of the concession boundary, highlights the
potential of this approximately 250 square kilometer area. A 2D seismic
acquisition program is being considered for this northern area in late 2011.
Concessions L44, L33 & SW1 (Pan Orient 60% working interest and operator)
The POE-6A appraisal well is currently on production from a sandstone zone at a
stabilized rate of 47 BOPD and NS-2A is currently on production from a sandstone
zone at 86 BOPD. The NSW-A exploration well encountered a tight primary volcanic
objective; however oil shows were encountered in sands below the volcanic zone.
Unfortunately well bore conditions did not allow wire line logging despite
repeated attempts. This well has been suspended and the deeper sandstone
potential is being evaluated to determine if the sidetrack of the well is
justified.
WBEXT-1DST2 development well is currently drilling ahead just above the primary
WBV1 volcanic objective within the WBEXT field limits and is anticipated to
reach total depth within the next few days. Upon the completion of WBEXT-1DST2,
the rig will commence drilling of the first appraisal well of the NSE North
volcanic discovery made back in August 2007.
In the first week of August, the second rig brought down from Concession L53 in
June was released due to poor performance with continued mechanical and
electronic issues experienced on every well drilled since January resulting in
significant down time. The primary drilling rig used by Pan Orient has exhibited
superior performance over the past year and the drilling rig company has
indicated that a second rig may be available in the October 2011 time frame, if
required.
Based on drilling and production performance achieved thus far in 2011, negative
reserve revisions are anticipated at the L33-2 field based on the one
unsuccessful appraisal well and one marginal producer drilled earlier this year.
At the WBEXT field we are currently evaluating the deeper WBV2 volcanic
reservoir and the impact of the WBEXT-2B well that was drilled earlier in the
year, whereby the field gas/oil contact was encountered at the structural level
for possible oil reserves assigned in the December 31, 2010 evaluation but the
oil/water contact appears to be at the structural level for proved oil reserves
assigned in the December 31, 2010 evaluation based on the water production from
the well. Successful wells have been drilled within the WBEXT "E" and "D" sand
reservoirs, the POE-6 "G" sand reservoir and a new pool discovery at WBEXT-1F
was made in the "E" and "D" sands in a fault compartment due east of the WBEXT
reserve envelope assigned in the December 31, 2010 evaluation.
The go forward 2011 drill program anticipates approximately 14 development wells
and five exploration wells. The development well program includes five wells
targeting the WBEXT "E" sands once the first of two batches of environmental
approvals are in place (anticipated September, 2011), an additional well into
the POE-6 "G" sand, two wells targeting the "F" and "G" sands at the Wichian
Buri field, two additional development wells targeting sandstone zones and four
development wells targeting volcanic reservoirs. Generally, the sandstone target
wells are shallow and are expected to take five days of drilling rig time versus
the nine days of drilling rig time on the deeper volcanic target wells which
will allow the drilling of the three potential exploration wells prior to year
end. As indicated earlier, a second rig may also be available in October, 2011
if required.
Thailand Production
Thailand production has lagged the guidance as set out at the beginning of 2011
by a significant margin with production averaging 2,149 BOPD in the first half
of 2011 versus the forecast of an average of 5,000 to 6,000 BOPD for 2011.
Production in July 2011 averaged 2,211 BOPD. As a result, we expect to exit 2011
at a rate of 3,500 BOPD net to Pan Orient. This target anticipates the drilling
of the approximately 14 development wells between now and year end with one
active drilling rig, and each well producing at an average rate of 90 BOPD.
Pan Orient is a Calgary, Alberta based oil and gas exploration and production
company with operations currently located onshore Thailand, Indonesia and in
Western Canada.
This news release contains forward-looking information. Forward-looking
information is generally identifiable by the terminology used, such as "expect",
"believe", "estimate", "should", "anticipate" and "potential" or other similar
wording. Forward-looking information in this news release includes, but is not
limited to, references to: well drilling programs and drilling plans, estimates
of reserves and potentially recoverable resources, and information on future
production and project start-ups. By their very nature, the forward-looking
statements contained in this news release require Pan Orient and its management
to make assumptions that may not materialize or that may not be accurate. The
forward-looking information contained in this news release is subject to known
and unknown risks and uncertainties and other factors, which could cause actual
results, expectations, achievements or performance to differ materially,
including without limitation: imprecision of reserve estimates and estimates of
recoverable quantities of oil, changes in project schedules, operating and
reservoir performance, the effects of weather and climate change, the results of
exploration and development drilling and related activities, demand for oil and
gas, commercial negotiations, other technical and economic factors or revisions
and other factors, many of which are beyond the control of Pan Orient. Although
Pan Orient believes that the expectations reflected in its forward-looking
statements are reasonable, it can give no assurances that the expectations of
any forward-looking statements will prove to be correct.
-----------------------------------------------
Three Months Ended Six Months Ended
Financial and Operating June 30, June 30,
Summary
(thousands of Canadian
dollars except where
indicated) 2011 2010 2011 2010 Change
----------------------------------------------------------------------------
FINANCIAL
----------------------------------------------------------------------------
Oil revenue, before royalties
and transportation expense 18,521 22,436 36,970 47,474 -22%
Funds flow from operations
(Note 1) 13,283 13,461 25,644 25,797 -1%
Per share - basic $ 0.23 $ 0.28 $ 0.48 $ 0.54 -12%
Per share - diluted $ 0.23 $ 0.27 $ 0.47 $ 0.53 -11%
Funds flow from operations by
region (Note 1)
Canada 19 818 (405) 849 -146%
Thailand 13,494 12,756 26,353 25,119 5%
Indonesia (231) (113) (304) (171) 78%
-----------------------------------------------
Total 13,283 13,461 25,644 25,797 -1%
-----------------------------------------------
Net income attributable to
common shareholders 4,608 4,216 8,536 8,286 3%
Per share - basic $ 0.08 $ 0.09 $ 0.16 $ 0.17 -7%
Per share - diluted $ 0.08 $ 0.09 $ 0.16 $ 0.17 -7%
Working capital 56,686 20,035 56,686 20,035 183%
Working capital & deposits 60,469 24,029 60,469 24,029 152%
Long-term debt - - - -
Capital expenditures (Note 2) 22,495 16,409 42,467 36,678 16%
Acquisitions - Indonesia
(Note 3) (19) - 1,761 -
Acquisitions - Sawn Lake,
Canada (Note 3) - - 3,192 -
Shares outstanding
(thousands) 56,685 48,594 56,685 48,594 17%
----------------------------------------------------------------------------
Funds Flow from Operations
per Barrel (Note 1)
----------------------------------------------------------------------------
Canada operations $ 0.10 $ 2.61 $ (1.04) $ 1.29 -181%
Thailand operations 72.27 40.66 67.76 38.22 77%
Indonesia operations (1.24) (0.36) (0.78) (0.26) 200%
-----------------------------------------------
$ 71.14 $ 42.90 $ 65.94 $ 39.25 68%
----------------------------------------------------------------------------
Capital Expenditures (Note 2)
----------------------------------------------------------------------------
Canada 147 346 214 410 -48%
Thailand 13,345 9,582 27,759 23,001 21%
Indonesia 9,003 6,481 14,494 13,267 9%
-----------------------------------------------
Total 22,495 16,409 42,467 36,678 16%
----------------------------------------------------------------------------
Working Capital and Non-
current Deposits
----------------------------------------------------------------------------
Working capital & non-current
deposits - beginning of
period 69,166 25,358 31,396 32,738 -4%
Funds flow from operations
(Note 1) 13,283 13,461 25,644 25,797 -1%
Capital expenditures (Note
2) (22,495) (16,409) (42,467) (36,678) 16%
Acquisitions - Indonesia
(Note 4) 19 - (1,417) -
Non-cash settlement of
Andora receivable - - - (600)
Foreign exchange impact on
working capital 10 (102) (303) (475) -36%
Net proceeds on share
transactions 486 1,721 47,616 3,247 1366%
-----------------------------------------------
Working capital & non-current
deposits - end of period 60,469 24,029 60,469 24,029 152%
----------------------------------------------------------------------------
Canada Operations
----------------------------------------------------------------------------
Interest income 139 6 160 14 1043%
General and administrative
(expense) recovery (Note 5) (43) 707 (306) 737 -142%
Realized foreign exchange
(loss) gain (77) 162 (259) 155 -267%
Foreign new ventures
expenditures - (57) - (57)
-----------------------------------------------
Funds flow from operations
(Note 1) 19 818 (405) 849 -148%
-----------------------------------------------
-----------------------------------------------
Funds flow from operations
per barrel
Interest income $ 0.75 $ 0.02 $ 0.41 $ 0.02 1950%
General and administrative
expense (0.23) 2.25 (0.79) 1.12 -170%
Realized foreign exchange
gain (loss) (0.41) 0.52 (0.67) 0.24 -379%
Foreign new ventures
expenditures - (0.18) - (0.09) -100%
-----------------------------------------------
$ 0.10 $ 2.61 $ (1.04) $ 1.29 -181%
----------------------------------------------------------------------------
Indonesia Operations
----------------------------------------------------------------------------
General and administrative
expense (Note 5) (231) (113) (304) (171) 78%
-----------------------------------------------
Wells drilled
Gross 1 - 2 -
Net 1.0 - 2.0 -
----------------------------------------------------------------------------
------------------------------------------------
Three Months Ended Six Months Ended
June 30, June 30,
(thousands of Canadian
dollars except where
indicated) 2011 2010 2011 2010 Change
----------------------------------------------------------------------------
THAILAND OPERATIONS
----------------------------------------------------------------------------
Oil sales (bbls) 186,727 313,757 388,894 657,157 -41%
Average daily oil sales
(bbls/d) by Concession
L44 1,289 3,284 1,394 3,443 -60%
SW1 103 164 112 188 -40%
L33 155 - 183 -
L53 505 - 460 -
------------------------------------------------
Total 2,052 3,448 2,149 3,631 -41%
------------------------------------------------
Average oil sales price,
before transportation
(CDN$/bbl) $ 99.19 $ 71.51 $ 95.06 $ 72.24 32%
Reference Price (volume
weighted) and differential
Crude oil (WTI $US/bbl) $ 102.10 $ 77.82 $ 98.18 $ 78.35 25%
Exchange Rate $US/$Cdn 0.98 1.04 0.99 1.05 -6%
Crude oil (WTI $Cdn/bbl) $ 99.90 $ 80.73 $ 96.87 $ 82.13 18%
Sales price / WTI reference
price 99% 89% 98% 88% 10%
Funds flow from operations
(Note 1)
Crude oil sales 18,521 22,436 36,970 47,474 -22%
Government royalty (927) (1,358) (1,883) (2,947) -36%
Other royalty (40) (26) (85) (47) -81%
Transportation expense (407) (802) (876) (1,666) -47%
Operating expense (2,397) (1,949) (4,534) (4,147) 9%
------------------------------------------------
Field netback 14,750 18,301 29,592 38,667 -23%
General and administrative
expense (634) (1,159) (1,626) (2,434) -33%
Interest income 41 24 58 52 11%
Special Remuneratory
Benefit tax (SRB) 23 (737) - (2,906) -100%
Current income tax (686) (3,673) (1,671) (8,260) -80%
------------------------------------------------
Funds flow from operations 13,494 12,756 26,353 25,119 5%
------------------------------------------------
------------------------------------------------
Funds flow from operations
per barrel (CDN$/bbl)
Crude oil sales $ 99.19 $ 71.51 $ 95.06 $ 72.24 32%
Government royalty (4.96) (4.33) (4.84) (4.48) 8%
Other royalty (0.21) (0.08) (0.22) (0.07) 214%
Transportation expense (2.18) (2.56) (2.25) (2.53) -11%
Operating expense (12.84) (6.21) (11.66) (6.31) 85%
------------------------------------------------
Field Netback 78.99 58.33 76.09 58.84 29%
General and administrative
expense (Note 5) (3.39) (3.69) (4.18) (3.70) 13%
Interest Income 0.22 0.08 0.15 0.08 88%
Special Remuneratory
Benefit (SRB) 0.12 (2.35) - (4.42) -100%
Current income tax (3.67) (11.71) (4.30) (12.57) -66%
------------------------------------------------
Thailand - Funds flow from
operations $ 72.27 $ 40.66 $ 67.76 $ 38.22 77%
------------------------------------------------
------------------------------------------------
Government royalty as
percentage of crude oil
sales 5.0% 6.1% 5.2% 6.2% -1.0%
SRB as percentage of crude
oil sales -0.1% 3.3% 0.0% 6.1% -6.1%
Income tax as percentage of
crude oil sales 3.7% 16.4% 4.5% 17.4% -12.9%
As percentage of crude oil
sales
Expenses - transportation,
operating, G&A and other 18.8% 17.5% 19.2% 17.5% 2%
Government royalty, SRB and
income tax 8.6% 25.7% 9.7% 29.7% -20%
Funds flow from operations,
before interest income and
realized foreign exchange
gain 72.6% 56.8% 71.1% 52.8% 18%
Wells drilled
Gross 9 7 15 12 25%
Net 6.6 4.2 11.0 7.2 53%
----------------------------------------------------------------------------
(1) Funds flow from operations ("funds flow" before changes in non-cash
working capital and reclamation costs) is used by management to
analyze operating performance and leverage. Funds flow as presented
does not have any standardized meaning prescribed by IFRS and
therefore it may not be comparable with the calculation of similar
measures of other entities. Funds flow is not intended to represent
operating cash flow or operating profits for the period nor should it
be viewed as an alternative to cash flow from operating activities,
net earnings or other measures of financial performance calculated in
accordance with IFRS. All references to funds flow throughout this
MD&A are based on funds flow from operations before changes in non-
cash working capital and reclamation costs.
(2) Cost of capital expenditures, excluding any asset retirement
obligation and excluding the impact of changes in foreign exchange
rates.
(3) Cost of acquisitions, including deemed value of equity issued in the
transaction.
(4) Cost of acquisitions, excluding deemed value of equity issued in the
transaction.
(5) General & administrative expenses, excluding non-cash accretion on
decommissioning provision
To view the maps and drilling chart associated with this press release, please
visit the following link: http://media3.marketwire.com/docs/poe817r_figures.pdf
(TSXV:SRB)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
(TSXV:SRB)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024
