SANTIAGO, Chile, Sept. 2, 2013 /PRNewswire/ --

Operational Highlights

  • Oil Production Up 49% to 10,798* bopd in 2Q2013 vs 2Q2012
  • Total Oil and Gas Production Up 12% to 13,020* boepd in 2Q2013 vs 2Q2012
  • New Oil and Gas Discoveries:
    • Chercan gas field in Flamenco Block in Tierra del Fuego, Chile
    • Tarotaro oil field in Llanos 34 Block, Colombia
    • Potrillo oil field in Yamu Block, Colombia

(Logo:  http://photos.prnewswire.com/prnh/20130603/MX24008LOGO-b)

Financial Highlights

  • Revenues Up 32% to US$160.8* million (as of 30 June)
  • Adjusted EBITDA Up: 20% to US$84.0* million (as of 30 June)
  • Cash Position of US$149.4 million

* Operational and Financial figures do not include results from new Brazilian production acquisition, completion of which is expected in 2H2013.

Strategic Highlights

  • Risk-balanced entry into Brazil with the acquisition of a 10% interest in the Manati Field and the award of seven exploration blocks in Potiguar and Reconcavo Basins

FINANCIAL HIGHLIGHTS    

Six‑months period ended June 30, 2013 compared to six‑months period ended June 30, 2012

 

Six months ended June 30

(in thousands of US$, except for percentages)

2013

2012

Change, June 2013 vs.
June 2012

(unaudited)

Revenues


Net oil sales.........................................................................................

149,817

104,893

43%

Net gas sales.......................................................................................

10,989

17,098

(36)%

Total net revenue.................................................................................

160,806

121,991

32%

Production costs..................................................................................

(81,147)

(54,668)

48%

Gross profit...........................................................................................

79,659

67,323

18%

Exploration costs.....................................................................................

(13,587)

(10,199)

33%

Administrative costs................................................................................

(20,730)

(13,562)

53%

Selling expenses......................................................................................

(7,658)

(7,981)

(4)%

Other operating expense.........................................................................

4,205

(413)

1,118%

Operating profit....................................................................................

41,889

35,168

19%

Financial results, net................................................................................

(20,562)

(7,344)

180%

Bargain purchase gain on acquisition of subsidiaries.............................

-

8,401

(100)%

Profit before income tax....................................................................

21,327

36,225

(41)%

Income tax expense................................................................................

(7,092)

(10,863)

(35)%

Profit for the period............................................................................

14,235

25,362

(44)%

Non‑controlling interest...........................................................................

5,619

5,458

3%

Profit for the period attributable to owners of the
    Company............................................................................................

8,616

19,904

(57)%

Net production volumes


Oil (mbbl).............................................................................................

1,926

1,129

71%

Gas (mcf)............................................................................................

2,803

4,889

(43)%

Total net production (mboe)..............................................................

2,393

1,944

23%

Average net production (boepd).............................................................

13,221

11,939

11%

Average realized sales price


Oil (US$ per bbl)..................................................................................

80.5

94.6

(15)%

Gas (US$ per mcf)..............................................................................

4.5

4.1

10%

Average realized sales price per boe (US$)...........................................

70.6

66.7

6%

Average unit costs per boe (US$)


Production costs..................................................................................

33.9

28.1

21%

Exploration costs.................................................................................

5.7

5.2

10%

Administrative costs............................................................................

8.7

7.0

24%

Selling expenses.................................................................................

3.2

4.1

(22)%

Average Adjusted EBITDA per boe (US$)……………......................

35.1

36.1

(3)%

 

SOURCE GeoPark

Copyright 2013 PR Newswire

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