Third Quarter 2021
- Daily oil & gas production for Q3 2021 averaged 3,610 BOEPD (Q3 2020: 3,580 BOEPD)
- Revenue of
USD 19.5 million (Q3 2020:USD 11.2 million ) - Operating netback of
USD 13.6 million orUSD 41.17 per BOE (Q3 2020:USD 7.0 million orUSD 21.12 per BOE) - EBITDA of
USD 12.9 million (Q3 2020:USD 5.5 million ) - Net result of
USD 6.1 million (Q3 2020:USD 1.8 million ) - Basic Earnings per share of
USD 0.05 (Q3 2020:USD 0.02 ) - Diluted Earnings per share of
USD 0.05 (Q3 2020:USD 0.02 ) - Cash and cash equivalents balance of
USD 31.8 million (Q3 2020: 18.0 million)
Nine months Ended
- Daily oil & gas production for nine months 2021 averaged 3,485 BOEPD (Nine months 2020: 3,490 BOEPD)
- Revenue of
USD 50.5 million (Nine months 2020:USD 30.4 million ) - Operating netback of
USD 34.1 million orUSD 36.92 per BOE (Nine months 2020:USD 19.3 million orUSD 20.67 per BOE) - EBITDA of
USD 32.1 million (Nine months 2020:USD 15.4 million ) - Net result for the period of
USD 14.2 million (Nine months 2020:USD 5.4 million ) - Basic Earnings per share of
USD 0.13 (Nine months 2020:USD 0.05 ) - Diluted Earnings per share of
USD 0.13 (Nine months 2020:USD 0.05 ) - Cash and cash equivalents balance of
USD 31.8 million (2020:USD 6.7 million )
Financial Summary
(TUSD, unless otherwise noted) | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 | Q3 2020 | Nine months 2021 | Nine months 2020 | FY 2020 |
Net Daily Production (BOEPD) | 3,610 | 3,104 | 3,742 | 2,738 | 3,580 | 3,485 | 3,490 | 3,301 |
Revenue | 19,496 | 15,178 | 15,814 | 8,659 | 11,226 | 50,488 | 30,359 | 39,018 |
Operating netback | 13,568 | 9,548 | 11,031 | 4,247 | 7,041 | 34,147 | 19,276 | 23,523 |
EBITDA | 12,909 | 8,988 | 10,213 | 2,720 | 5,514 | 32,110 | 15,384 | 18,104 |
Net result for the period1 | 6,083 | 2,603 | 5,538 | (15,702) | 1,845 | 14,224 | 5,443 | (10,259) |
Earnings per share – Basic (USD) | 0.05 | 0.02 | 0.05 | (0.15) | 0.02 | 0.13 | 0.05 | (0.10) |
Earnings per share – Diluted (USD) | 0.05 | 0.02 | 0.05 | (0.15) | 0.02 | 0.13 | 0.05 | (0.10) |
Cash and cash equivalents | 31,778 | 34,139 | 5,698 | 6,681 | 18,034 | 31,778 | 18,034 | 6,681 |
Letter to shareholders
By now, I was really hoping that we could have announced some promising results from our first horizontal well on the Tie field, but alas, that is unfortunately not the case. The Tie-4 well continues to test us and we are currently re-drilling the 8-1/2” production hole, for the third time. As an old ‘Driller’ I can tell you how gut wrenching it is when you stick the drillstring in the hole. Fishing and sidetracking operations are time consuming and expensive. To add insult to injury the delay in completion are deferring profitable barrels that would have added to our healthy bottom line this quarter, especially at the current price of oil.
Having said that, we are delivering a record quarter in terms of revenue and EBITDA. The net result for the period is not far behind and would have also broken our previous record had we not incurred extra costs when completing the successful acid stimulation of Tie 3 (increased rate from ~100 to 240 bopd) and some slickline work on GTE-4 during the quarter. Our netbacks are very healthy at
Our production for the quarter was impacted by the problems on Tie-4, but the other wells are actually performing better than predicted - so I am bullish on our future production provided we can get our horizontal wells drilled on time. To that extent, we have taken a number of concrete steps to address the continuing drilling problems that are plaguing us and we are stubbornly working through all the issues.
In
In the
I know that the recent downward revision in our estimated annual average production rate was very disappointing. We share that disappointment and I know I speak for all Maha employees when I say that no one is working harder than our drilling team to get the wells drilled and placed on production as soon as possible. This is the oil business and we are working hard and as fast as we can to create redundancy in our production portfolio so that we are less dependent on our Tie field. That is why it was important to diversify into IB and
I am grateful of the support we are getting from our shareholders and we value your continued support. No doubt, we will achieve our goals - the oil is there and it has been there for millions of years, it just has to wait a few more months until it sees daylight
As always, a big thank you to all Maha employees that I know work so hard for all of us. And to all fellow shareholders
– thank you for your continued support.
Managing Director
Q3 Webcast today at
There will be a live webcast today, 22 November at
This information is such information as
For more information, please contact:
Tel: +46 8 611 05 11
jonas@mahaenergy.ca
Tel: +46 8 611 05 11
andres@mahaenergy.ca
Tel: +46 8 611 05 11
victoria@mahaenergy.ca
About Maha
1 Net result of Q4 2020 and full year 2020 includes an impairment charge of
Attachments
- 2021_MAHA Q3 Report ENG_FINAL
- 20211122 Maha Energy Press Release Q3 2021 ENG
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