Serinus Energy swings to profit on sluggish production growth in 2Q13

Serinus Energy swings to profit on sluggish production growth in 2Q13



15 серпня 2013 года
Конкорд Капитал

Serinus Energy (SEN PW) (formerly Kulczyk Oil Ventures) reported a net income attributable to common shareholders of USD 0.8 mln in 2Q13 vs. a loss of USD 0.9 mln in 2Q12, according to the company’s filing on August 14. Cash from operations grew 70% yoy and 10% qoq to USD 10 mln last quarter. Oil and gas revenue grew 17% yoy and 0.7% qoq to USD 28.9 mln in 2Q13. Average daily sales volumes net to Serinus grew 20% yoy and 1% qoq to 19 MMcfe/d in 2Q13. Average realization price declined 3% yoy and 1% qoq to USD 11.67/Mcf.



Serinus gained its net hydrocarbon production for the period from its 70% share in Ukraine’s KUB-Gas, while the 6.9 MMcfe/d production increase from the Winstar acquisition will be reflected in the company’s 3Q13 financials and thereafter.



Roman Dmytrenko: Sluggish qoq production growth in 2Q13 – even with the M-16 well put on stream – at a gross rate of 3.13 MMcfe/d in late May, coupled with the very limited success at its North Makeyevskoye license area, raise concerns over the company’s production growth in Ukraine.



We are also concerned that Serinus has not yet received formal confirmation of its Brunei Block L exploration period extension from Petroleum BRUNEI. With the Block L exploration period to expire on August 27, the company will be forced to write off USD 50.7 mln of Block L-related assets if an extension is not granted. Recall, Petroleum BRUNEI refused in August 2012 to grant an extension for the company’s Block M exploration period.

Источник: Конкорд Капитал

Аналитик: Роман Дмитренко
Другие обзоры по компаниям и отраслям от Конкорд Капитал


Компании

все компании