Pan Orient Energy Corp.: 2016 First Quarter Financial & Operating Results
/EINPresswire.com/ -- CALGARY, ALBERTA -- (Marketwired) -- 05/19/16 -- Pan Orient Energy Corp. ("Pan Orient") (TSX VENTURE: POE) reports 2016 first 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.
The Corporation is today filing its unaudited consolidated financial statements as at and for the three months ended March 31, 2016 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.
Commenting today on Pan Orient's 2016 first quarter results, President and CEO Jeff Chisholm stated: "Pan Orient continued to focus on activities in the first quarter of 2016 that are deemed to provide the greatest impact in a soft oil price environment. These activities included maintaining oil production, and completing detailed technical work high grading two exploration prospects in Concession L53 onshore Thailand, and progressing towards the drilling of the Akeh-2 appraisal well in the Batu Gajah PSC, onshore Indonesia. The East Jabung PSC exploration drilling program continued to progress towards the planned fourth quarter 2016 spud date".
2016 FIRST QUARTER HIGHLIGHTS
-- Corporate funds flow used in operations in the first quarter of 2016 was
$2.1 million and the net loss attributable to common shareholders was
$2.2 million.
-- On February 16, 2016, Pan Orient returned $22.0 million ($0.40 per
common share) to shareholders as a special distribution.
-- The Cantik-1 exploration well at the Anggun prospect of the East Jabung
Production Sharing Contract ("PSC") is planned to commence in the late
third quarter of 2016, followed by drilling in the fourth quarter.
-- The Company was informed by the oil and gas regulator of the Government
of Indonesia that an additional appraisal well of the Akeh discovery at
the Batu Gajah PSC is required prior to granting of "Release from
Exploration Status" and preparations are underway towards drilling of
the Akeh-2 deviated appraisal well from the existing Akeh-1 well pad in
late 2016 or early 2017.
-- Oil sales, net to Pan Orient's 50.01% equity interest in the Thailand
Joint Venture, were 269 BOPD in the first quarter of 2016.
-- Approval was received on May 10, 2016 from the Government of Thailand
for a 215.87 square kilometer "reserved area" for exploration at
Concession 53 for a period of up to five years.
-- The Sawn Lake Steam Assisted Gravity Drainage ("SAGD") Demonstration
Project in Alberta, in which Pan Orient's 71.8% subsidiary Andora owns a
50% working interest and is the operator, reached a steady state
production level in January and February 2016 of an average of 615
barrels per day ("BOPD") (307 BOPD net to Andora) with an average
instantaneous steam-oil ratio ("ISOR") of 2.1 from the one SAGD
wellpair. The demonstration project has successfully captured the key
data associated with the objectives of the demonstration project and
operations were suspended at the end of February 2016.
-- Pan Orient continues to maintain a strong financial position for
upcoming planned exploration activities during 2016 at the Batu Gajah
and East Jabung PSCs in Indonesia, and at Concession L53 in Thailand
with working capital and non-current deposits at March 31, 2016 of $53.2
million and no long-term debt.
2016 FIRST QUARTER OPERATING RESULTS
The financial statements reflect that on February 2, 2015 the Company sold a 49.99% equity interest in its subsidiary Pan Orient Energy (Siam) Ltd. ("POS") and retained a 50.01% equity interest. From February 2, 2015 forward the retained 50.01% equity interest is reclassified as a jointly controlled Joint Venture and Pan Orient's 50.01% equity interest in the working capital, assets, capital expenditures, liabilities and operations of POS are recorded as Investment in Thailand Joint Venture.
-- Net loss attributable to common shareholders for the first quarter of
2016 of $2.2 million ($0.04 loss per share) compared with net income
attributable to common shareholders of $33.9 million ($0.60 per share)
in the first quarter of 2015, which was primarily from the gain recorded
on the sale of a 49.99% equity interest in its subsidiary Pan Orient
Energy (Siam) Ltd. during the first quarter of 2015.
-- For the first quarter of 2016, the Company recorded total corporate
funds flow used in operations, which includes the economic results of
the 50.01% interest in the Thailand joint venture, of $2.1 million
($0.04 loss per share). This compares with total corporate funds flow
from operations for the fourth quarter of 2015 of $1.8 million ($0.03
per share). The decline in corporate funds flow from operations from the
fourth quarter of 2015 is primarily due to a 6% decline in the United
States dollar which resulted in a $1.2 million foreign exchange loss in
the first quarter of 2016 versus a $1.6 million foreign exchange gain in
the fourth quarter of 2015, recording of $0.6 million of Canadian income
tax associated with realized foreign exchange gains, a 36% decline in
Thailand oil sales and a 25% decline in the realized price of oil.
-- Pan Orient reports capital expenditures of $1.7 million in the first
quarter of 2016, with $0.6 million in Indonesia and $1.1 million in
Canada at the Sawn Lake SAGD demonstration project of Andora. In
addition, Pan Orient's share of Thailand joint venture capital
expenditures was relatively minor at $27 thousand, which was recorded in
Investment in Thailand Joint Venture.
-- At March 31, 2016 Pan Orient had $53.2 million of working capital and
non-current deposits. Working capital and non-current deposits were
comprised of $41.6 million cash, $4.2 million of non-current deposits,
$10.2 million of Canadian taxes receivable, other receivables of $1.2
million and less accounts payable of $4.0 million. There is $1.4 million
of equipment inventory at the Batu Gajah PSC in Indonesia for
utilization in future drilling operations at the PSC. In addition, Pan
Orient's Investment in Thailand Joint Venture includes $2.3 million of
Thailand working capital and non-current deposits and $2.0 million of
equipment inventory to be utilized for future Thailand Joint Venture
operations.
-- Pan Orient had outstanding capital commitments as at March 31, 2016 of
$2.0 million in Indonesia associated with the Company's 49%
participating interest in the East Jabung PSC. In Canada, there were
capital commitments of $0.2 million with respect to contracted natural
gas pipeline tie-in and tariff charges associated with the Sawn Lake
SAGD demonstration project of Andora. Capital commitments for Pan
Orient's 50.01% interest in Thailand Joint Venture were $0.4 million.
-- Pan Orient renewed the normal course issuer bid in March 2016 and Pan
Orient is authorized to purchase, for cancellation, up to 4,549,963 of
its common shares during the period of March 28, 2016 to March 28, 2017.
No common shares have been repurchased under the renewed normal course
issuer bid.
-- Results Net to Pan Orient's 50.01% Interest in the Thailand Joint
Venture for Concession L53
-- Average oil sales of 269 BOPD during the fourth quarter of 2016 and
generated $0.3 million in funds flow from operations, or $13.71 per
barrel. This compares with 421 BOPD in the fourth quarter of 2015 (a
36% decrease) and $33.51 per barrel in funds flow from operations (a
59% decrease). The average realized sales price per barrel decreased
from $49.61 in the fourth quarter of 2015 to $37.07 in the first
quarter of 2016.
-- Per barrel amounts during the first quarter of 2015 were a realized
price for oil sales of $37.07, transportation expenses of $1.47,
operating expenses of $12.27, general and administrative expenses of
$7.81 and a 5% royalty to the Thailand government of $1.84. Oil
sales revenue during this period was allocated 58% to expenses for
transportation, operating, and general & administrative, 5% to the
government of Thailand for royalties, and 37% to the Thailand Joint
Venture. No Thailand petroleum income taxes or Special Remuneratory
Benefit tax was recorded during the quarter.
-- Oil sales in April 2016 at Concession L53, net to Pan Orient's
50.01% interest, were 245 BOPD.
-- The original nine year exploration period for Concession L53 expired
in January 2016. The Government of Thailand has approved a 215.87
square kilometer "reserved area" with the payment of an annual
surface reservation fee of $0.4 million for up to five years. This
surface reservation fee is reimbursable through work program
expenditures and the reserved area encompasses all of the remaining
prospects defined within Concession L53 based on full coverage 3D
seismic data.
-- Indonesia
-- Capital expenditures of $0.6 million during the first quarter of
2016 related to capitalized G&A at the Batu Gajah PSC.
-- Batu Gajah, Onshore Sumatra Indonesia (Pan Orient 77% ownership &
Operator)
-- Preparations are currently underway towards the drilling of the
Akeh-2 deviated appraisal well from the existing Akeh-1 well
pad.
-- The Batu Gajah PSC 10 year exploration phase expires in January
of 2017 and the Company intends to submit an application for a
two year extension in June 2016, the earliest date for an
application allowed under oil and gas regulations. The
Government of Indonesia may require Pan Orient to drill the
Akeh-2 well prior to granting an extension.
-- Sawn Lake Alberta Heavy Oil (Operated by Andora, in which Pan Orient has
a 71.8% ownership)
-- The demonstration project has demonstrated that the SAGD process
works in the Bluesky formation at Sawn Lake, established
characteristics of ramp up through stabilization of SAGD
performance, indicated the productive capability and ISOR, and
provided critical information required for well and facility design
associated with future commercial development. Production results to
date are not necessarily indicative of long-term performance or of
ultimate recovery and the Sawn Lake demonstration project has not
yet proven that it is commercially viable.
-- Capital expenditures for the Sawn Lake demonstration project during
the first quarter of 2016 were $1.1 million. Capital expenditures
related to suspension of demonstration project operations at the end
of February 2016, costs associated with the expansion application at
the demonstration project site and capitalization of expenses and
revenues of the demonstration project. Andora capitalized $0.6
million of demonstration project expenses less revenues in first
quarter of 2016.
-- An application for a potential expansion at the demonstration
project site to 3,200 BOPD was submitted at the end of April. It is
expected that a reactivation of the demonstration project facility
and wellpair would be considered as part of a potential commercial
expansion to 3,200 BOPD. An expansion is dependent on regulatory
approval, completion of detailed engineering and a higher commodity
price environment to support project economics and financing.
OUTLOOK
INDONESIA
Batu Gajah, Onshore Sumatra Indonesia (Pan Orient 77% ownership & Operator)
The Company intends to submit an application for a two year extension in June 2016 which would allow the time required to finish drilling the Akeh-2 appraisal well, apply for "Release from Exploration Status" and move forward to prepare a Plan of Development to determine the likelihood of the commerciality of the Akeh-1 discovery.
Discussions continue with a number of parties since December 2015 seeking a partner in the Batu Gajah PSC.
East Jabung PSC, Onshore Sumatra Indonesia (Pan Orient 49% ownership & Non Operator)
Pan Orient looks forward to the planned drilling of the first East Jabung exploration well at the Anggun prospect in the fourth quarter of 2016. The Anggun prospect is a relatively shallow, onshore, high impact target adjacent to existing infrastructure and possesses some of the best fiscal terms in Indonesia. Success at Anggun would have the potential to materially transform Pan Orient within a framework of manageable appraisal and development costs and in the context of Pan Orient's available financial resources.
THAILAND
Concession L53 Onshore (Pan Orient Energy (Siam) Ltd., in which Pan Orient has 50.01% ownership)
Oil production at onshore Concession L53 benefits from having a low cost structure, as demonstrated during the first quarter of 2016 when the Brent reference price for crude oil averaged US$33.53 per barrel. The 2016 Thailand capital program will include two workovers and the construction of two exploration well locations. Construction of the two exploration well pads is planned to take place between July and August 2016, prior to the onset of the monsoon season, enabling the flexibility to drill these one or more of these wells at any time in the last half of 2016 and early 2017.
CANADA
Sawn Lake (Operated by Andora, in which Pan Orient has a 71.8% ownership)
Pan Orient is pleased with the results of the Sawn Lake SAGD demonstration project and is moving forward with steps which allow for future development at Sawn Lake. The Sawn Lake reservoir model and contingent resource report are being updated to incorporate the results of the demonstration project and the application for a potential expansion at the demonstration project site was submitted at the end of April. It is recognized that higher crude oil prices, and specifically higher Western Canada Select reference prices, will be required for future development.
Corporate
Pan Orient continues to focus on demonstrating the value of its exploration prospects in Indonesia, Thailand and Canada. Pan Orient continues to maintain a strong financial position to conduct key exploration activities and ensure financial flexibility.
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: renewal, extension or termination of oil concessions and production sharing contracts; other regulatory approvals; well drilling programs and drilling plans; the benefits of patented technology; estimates of reserves and potentially recoverable resources, information on future production and project start-ups, and negotiation, agreement, closing and financing and other terms of farmout and other transactions; potential purchases of common shares under the normal course issuer bid; and sufficiency of financial resources. 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Financial and Operating Summary Three Months Ended
March 31,
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(thousands of Canadian dollars
except where indicated) 2016 2015 % Change
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FINANCIAL
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Financial Statement Results -
Excluding 50.01% Interest in
Thailand Joint Venture from
February 2, 2015 onwards (Note
1)
Net income (loss) attributed to
common shareholders (2,221) 33,940 -107%
Per share - basic and diluted $ (0.04) $ 0.60 -107%
Cash flow from operating
activities (Note 2) (197) (510) -61%
Per share - basic and diluted $ (0.00) $ 0.01 -64%
Cash flow from (used in)
investing activities (Note 2) (2,340) 44,003 -105%
Per share - basic and diluted $ (0.04) $ 0.78 -105%
Working capital 49,006 80,623 -39%
Working capital & non-current
deposits 53,151 84,955 -37%
Long-term debt - - 0%
Shares outstanding (thousands) 54,885 56,617 -3%
Capital Commitments (Note 3) 2,635 10,336 -75%
Contingencies (Note 4)
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Working Capital and Non-current
Deposits
Beginning of period 79,160 40,854 97%
Corporate funds flow used in
operations (Note 5) (2,409) (117) 1,959%
Special Distribution (Note 6) (21,954) - 100%
Funds flow from sale of
Thailand interest - 48,877 -100%
Working capital and non-
current deposits
derecognized on sale of
Thailand interest and
recorded in Investment in
Joint Venture - (3,151) -100%
Consolidated capital
expenditures (Note 7) (1,626) (1,864) -13%
Amounts advanced to Thailand
Joint Venture (20) (28) -28%
Disposal of petroleum and
natural gas assets (Note 8) 105 - 100%
Normal course issuer bid - (202) -100%
Foreign operations -
unrealized foreign exchange
impact (105) 586 -118%
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End of period 53,151 84,955 -37%
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Economic Results - Including
50.01% Interest in Thailand
Joint Venture from February 2,
2015 onwards (Note 9)
Corporate funds flow from (used
in) operations (Note 5) (2,066) 360 -674%
Per share - basic and diluted $ (0.04) $ 0.01 -674%
Corporate funds flow from (used
in) operations by region (Note
5)
Canada (Note 10) (2,189) (17) 12,776%
Thailand - 100% to February
1, 2015 (Notes 1 & 11) (8) 298 -103%
Indonesia (212) (398) -47%
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Funds flow used in
consolidated operations (2,409) (117) 1,959%
Share of Thailand Joint
Venture (Note 9) 343 477 -28%
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Total corporate funds flow
from (used in) operations (2,066) 360 -674%
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Funds flow from sale of
Thailand interest - 48,877 -100%
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Petroleum and natural gas
properties
Capital expenditures (Note 7) 1,653 4,389 -62%
Disposition (Note 8) (105) - 100%
Capital Expenditures (Note 7)
Canada (Note 10) 1,071 1,374 -22%
Thailand - 100% to February 1,
2015 (Note 1) - 60 -100%
Indonesia 555 430 29%
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Consolidated capital
expenditures 1,626 1,864 -13%
Share of Thailand Joint Venture
capital expenditures 27 2,525 -99%
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Total capital expenditures 1,653 4,389 -62%
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Investment in Thailand Joint
Venture
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Beginning of period 35,088 - 100%
Investment retained on sale
of Thailand interest - 38,587 -100%
Net loss from Joint Venture (558) (293) 90%
Other comprehensive gain
(loss) from Joint Venture (1,073) 436 -346%
Amounts received from Joint
Venture 20 28 -28%
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End of period 33,477 38,758 -14%
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Three Months Ended
March 31,
(thousands of Canadian dollars
except where indicated) 2016 2015 Change
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Thailand Operations
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Economic Results - Including
50.01% Interest in Thailand
Joint Venture from February 2,
2015 onwards (Note 9)
Oil sales (bbls) 24,442 28,174 -13%
Average daily oil sales (BOPD)
by Concession L53 269 313 -14%
Average oil sales price, before
transportation (CDN$/bbl) $ 37.07 $ 60.23 -38%
Reference Price (volume
weighted) and differential
Crude oil (Brent $US/bbl) $ 33.53 $ 52.50 -36%
Exchange Rate $US/$Cdn 1.40 1.25 12%
Crude oil (Brent $Cdn/bbl) $ 47.05 $ 65.79 -28%
Sale price / Brent reference
price 79% 92% -14%
Funds flow from (used in)
operations (Note 5)
Crude oil sales 906 1,697 -47%
Government royalty (45) (81) -44%
Transportation expense (36) (46) -22%
Operating expense (300) (475) -37%
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Field netback 525 1,095 -52%
General and administrative
expense (Note 12) (191) (314) -39%
Interest income 1 2 -50%
Foreign exchange loss - (8) -100%
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Thailand - Funds flow from
operations 335 775 -57%
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Funds flow from (used in)
operations / barrel (CDN$/bbl)
(Note 5)
Crude oil sales $ 37.07 $ 60.23 -38%
Government royalty (1.84) (2.87) -36%
Transportation expense (1.47) (1.63) -10%
Operating expense (12.27) (16.86) -27%
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Field netback 21.48 38.87 -45%
General and administrative
expense (Note 12) (7.81) (11.14) -30%
Interest Income 0.04 0.07 -42%
Foreign exchange loss - (0.28) -100%
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Thailand - Funds flow from
operations $ 13.71 $ 27.51 -50%
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Government royalty as
percentage of crude oil sales 5% 5% 0%
Income tax & SRB as percentage
of crude oil sales - - 0%
As percentage of crude oil
sales
Expenses - transportation,
operating, G&A and other 58% 49% 9%
Government royalty, SRB and
income tax 5% 5% 0%
Funds flow from operations,
before interest income 37% 46% -9%
Wells drilled (wells were
drilled after February 1,
2015)
Gross - 3 -100%
Net - 1.5 -100%
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Financial Statement
PresentationResults -
Excluding 50.01% Interest in
Thailand Joint Venture from
February 2, 2015 onwards (Note
1)
Crude oil sales - 809 -100%
Government royalty - (38) -100%
Transportation expense - (24) -100%
Operating expense - (257) -100%
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Field netback - 490 -100%
General and administrative
expense (Notes 11 & 12) (8) (185) -96%
Interest income - 1 -100%
Foreign exchange loss - (8) -100%
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Funds flow from (used in)
consolidated operations (8) 298 -103%
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Fund flow Included in
Investment in Thailand Joint
Venture
Net loss from Thailand Joint
Venture (558) (293) 90%
Add back non-cash items in
net loss 901 770 17%
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Funds flow from Thailand
Joint Venture 343 477 -28%
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Thailand - Economic funds flow
from operations (Note 9) 335 775 -57%
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Three Months Ended
March 31,
(thousands of Canadian dollars
except where indicated) 2016 2015 Change
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Canada Operations (Note 10)
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Interest income 46 47 -2%
General and administrative
expenses (Note 12) (467) (574) -19%
Unrealized foreign exchange
gain (loss) (3,813) 414 -965%
Realized foreign exchange gain 2,626 69 3,706%
Current income tax (581) - 100%
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Canada - Funds flow used in
operations (2,189) (17) 12,776%
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Indonesia Operations
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General and administrative
expense (Note 12) (170) (457) -63%
Exploration expense (Note 13) (114) (161) -29%
Foreign exchange gain 72 220 -67%
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Indonesia - Funds flow used
in operations (212) (398) -47%
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(1) On February 2, 2015 the Company sold a 49.99% equity interest in its
subsidiary Pan Orient Energy (Siam) Ltd. and retained a 50.01% equity
interest in the company. The transaction resulted in Pan Orient Energy
(Siam) Ltd. changing from a wholly-owned and controlled subsidiary to a
joint arrangement where the Company shares joint control with the
purchaser of the 49.99% equity interest. The resulting joint
arrangement is classified as a Joint Venture under IFRS 11 and is
required to be accounted for using the equity method of accounting
rather than consolidated as it had previously been when Pan Orient
Energy (Siam) Ltd. was a controlled subsidiary. The change in
accounting from consolidation to the equity method has resulted in the
accounts of Pan Orient Energy (Siam) Ltd. being derecognized from the
consolidated financial statements and a net investment related to the
portion of the interest retained being recognized at its estimated fair
value upon initial recognition. Pan Orient's 50.01% equity interest in
the assets, liabilities, working capital, operations and capital
expenditures of Pan Orient Energy (Siam) Ltd. from February 2, 2015
forward are recorded in Investment in Thailand Joint Venture.
(2) As set out in the Consolidated Statements of Cash Flows in the
unaudited Consolidated Financial Statements of Pan Orient Energy Corp.
(3) Refer to Commitments in Note 10 of the March 31, 2016 Notes to the
Interim Condensed Consolidated Financial Statements and Note 11 of the
March 31, 2015 Notes to the Interim Condensed Consolidated Financial
Statements.
(4) Refer to Contingencies in Note 11 of the March 31, 2016 Notes to the
Interim Condensed Consolidated Financial Statements and Note 12 of the
March 31, 2015 Notes to the Interim Condensed Consolidated Financial
Statements.
(5) Corporate funds flow from operations is cash flow from operating
activities prior to changes in non-cash working capital and reclamation
costs plus the corresponding amount from the Thailand operations which
is recorded in Joint Venture for financial statement purposes. This
measure 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.
(6) On February 16, 2016, the Company paid a return of capital special
distribution of $0.40 per share to common shareholders.
(7) Cost of capital expenditures, excluding decommissioning provision and
the impact of changes in foreign exchange rates.
(8) In 2016, the joint venture partners in Andora's Sawn Lake SAGD
demonstration project purchased the SAGD reservoir data.
(9) For the purpose of providing more meaningful economic results from
operations for Thailand, and for comparison to previous period, the
amounts presented consist of:
Company's share of Thailand funds flow from operation at 100% from
January 1, 2015 to February 1, 2015 (being the beginning of the year to
the last date before the equity interest was completed as discussed in
note 1)
Company's share of Thailand funds flow from operating at 50.01%
subsequent to February 2, 2015 (when the Company completed the equity
sale transaction).
(10) The Sawn Lake Demonstration Project in Alberta has not yet proven that
it is commercially viable and all related costs and revenues are being
capitalized as exploration and evaluation assets until commercial
viability is achieved.
(11) The small amount of G&A shown in the first quarter of 2016 for Thailand
operations related to G&A of the holding company of Pan Orient Energy
(Siam) Ltd.
(12) General & administrative expenses, excluding non-cash accretion on
decommissioning provision and stock-based payments.
(13) Exploration expense relates to exploration costs associated with the
Citarum and South CPP PSCs in Indonesia.
(14) Tables may not add due to rounding.
Contacts:
Pan Orient Energy Corp.
Jeff Chisholm
President and CEO
(located in Bangkok, Thailand)
jeff@panorient.ca
Pan Orient Energy Corp.
Bill Ostlund
Vice President Finance and CFO
(403) 294-1770, Extension 233
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