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DGAP-News: Coastal Energy Announces 2011 Year End Financial Results
ID: 606850
(firmenpresse) - Coastal Energy Company
29.03.2012 14:30
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HOUSTON, 2012-03-29 14:30 CEST (GLOBE NEWSWIRE) --
Coastal Energy Company (the 'Company' or 'Coastal Energy') (TSX:CEN) (AIM:CEO),
an independent exploration and production company with assets in Thailand,
announces the financial results for the year ended December 31, 2011. The
functional and reporting currency of the Company is the United States dollar.
Fourth Quarter 2011 Highlights
-- Total Company production increased to 14,508 boe/d in the fourth quarter
from 7,552 boe/d in the same period last year. The Company's offshore
production was bolstered by the inclusion of a full quarter of production
from the B platform at the recently discovered Bua Ban North field. The
Company began tying in production at Bua Ban North A late in Q4 and
realized production gains from that field beginning in 2012. Average
onshore production was 1,122 boe/d, impacted by decreased demand due to the
severe flooding in Thailand in Q3 and Q4 2011. Demand has made a
significant recovery in 2012.
-- EBITDAX for the fourth quarter was $75.1 million, significantly higher than
the $4.4 million recorded in Q4 2010.
-- The Company announced several successful appraisal and development wells at
the Bua Ban North A&B platforms. These wells helped to further
delineate the field and confirm that the two fields are in fact connected.
One horizontal well was drilled during the quarter and began producing at a
rate of approximately 3,000 bopd. The Company plans to drill several more
horizontal development wells at the field to increase production and total
recovery.
Full Year 2011 Highlights
-- Total Company production averaged 11,540 boe/d for the full year of 2011,
19% above 2010 levels.
-- The Company made significant discoveries at the Bua Ban North field and was
able to begin production within three months of the initial discovery. The
Company continued to appraise and develop the field throughout the year.
-- The Company's full year 2011 EBITDAX was $201.7 million, 76% above 2010
EBITDAX of $114.3 million.
-- The Company released the results of its third-party reserve evaluation
report prepared by RPS Energy, Ltd. dated March 27, 2012 (effective date
December 31, 2011). The Company reported significant gains in its 1P and 2P
reserve bases, with volumetric increases of 211% and 102%, respectively.
The Company's 1P and 2P NAVs also increased significantly, rising by 207%
and 140%, respectively.
-- As a result of its increased cash flow due to higher production and
commodity prices, the Company has repaid $30 million of its outstanding
debt balances in the first quarter of 2012. As of the date of this release,
the Company has $55 million of cash and cash equivalents and $50 million of
debt outstanding.
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As of As of % After-Tax After-Tax %
December 31, December 31, Change NPV 2011 NPV 2010 Change
2011 (mmboe) 2010 (mmboe) (US$MM)(US$MM)
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Proven
Offsh 62.5 14.5 331% $1,491.7 $413.5 261%
ore
Onsho 7.4 8.0 -8% 126.5 114.0 11%
re
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Tot 69.9 22.5 211% 1,618.2 527.5 207%
al
1P
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Proven
+
Probab
le
Offsh 80.0 27.1 195% $1,668.0 $583.6 185%
ore
Onsho 22.9 23.9 -4% 230.7 207.0 12%
re
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Tot 102.9 51.0 102% 1,898.7 790.6 140%
al
2P
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Note: Reserve figures are shown as net working interest before royalties
(Thailand royalty regime is discussed in the MD&A of the Company's Annual
Report dated December 31, 2011). After-tax NPV figures are defined as future
net revenues discounted at 10%. Reserve numbers taken from the Company's
competent person's report prepared by RPS Energy Ltd. dated as of December 31,
2011 (prepared in accordance with NI 51-101 and the COGE Handbook) which may be
found on the Company's website at www.coastalenergy.com.
Randy Bartley, President and CEO of Coastal Energy, commented:
'2011 was the most successful year in Coastal's history. The Company delivered
record production and cash flow. We also had a major discovery at the Bua Ban
North field, which helped to increase our offshore 2P reserves by nearly 200%.
We are very pleased with the results of 2011 and expect to build further on
this success.
'2012 has also begun extremely well. We have drilled and tied in a handful of
additional wells at Bua Ban North which have further boosted production. These
wells were tied in during the month of February and brought average offshore
production for the entire first quarter up to 21,100 bbl/d. Our current
offshore production is 22,500 bopd.
'We have a very busy year ahead as we continue to develop Bua Ban North as well
as perform redevelopment and injection drilling at Songhkla A. Additionally, we
will continue exploring our substantial prospect inventory.'
The following financial statements for the Company are abbreviated versions.
The Company's complete financial statements for the three and twelve months
ended December 31, 2011 with the notes thereto and the related Management
Discussion and Analysis can be found either on Coastal's website at
www.CoastalEnergy.com or on SEDAR at www.sedar.com. All amounts are in US$
thousands, except share and per share amounts.
Consolidated Statements of Operations and Comprehensive Income
(Loss)
US$000's except per share amounts
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-
Years Ended December 31, 2011 2010
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(Note 29)
Revenues and Other Income
Oil sales, net of royalties (Note 18) 318,670 177,207
Other income (Note 19) (21,566) (19,207)
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297,104 158,000
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Expenses
Production 99,263 53,326
Depreciation and depletion (Note 8) 61,136 29,658
Impairment (Note 8) - 10,706
General and administrative 31,453 20,253
Exploration (Note 7) 8,374 72,170
Debt financing fees 796 522
Finance (Note 17) 4,825 2,295
Gains on disposal of property, plant and equipment (873) -
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204,974 188,930
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Net income (loss) before income taxes and share of
Net income from Apico LLC 92,130 (30,930)
Share of net income from Apico LLC (Note 9) 14,527 7,932
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Net income (loss) before income taxes 106,657 (22,998)
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Income taxes (Note 24)
Current 135 (7)
Deferred 57,882 (11,768)
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58,017 (11,775)
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Net income (loss) and comprehensive income (loss) 48,640 (11,223)
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Net income (loss) and comprehensive income (loss) attributable to:
Shareholders of Coastal Energy 47,359 (12,390)
Non-controlling interest1,281 1,167
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48,640 (11,223)
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Net income (loss) per share:
Basic (Note 22) 0.42 (0.12)
Diluted (Note 22) 0.41 (0.12)
The accompanying notes are an integral part of these condensed interim
consolidated financial statements.
Consolidated Statements of Financial Position
US$000's
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-
December 31, December 31, January 1,
As at 2011 2010 2010
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$ $ $
(Note 29) (Note 29)
Assets
Current Assets
Cash 22,995 3,884 21,229
Restricted cash (Note 4) 28,447 16,369 3,829
Accounts receivable (Note 5) 16,939 10,299 6,111
Derivative asset (Note 14) 59 135 66
Inventory (Note 6) 14,161 12,783 5,310
Prepaids and other current assets 1,094 606 526
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Total current assets 83,695 44,076 37,071
Non-Current Assets
Exploration and evaluation assets 31,881 31,068 44,907
(Note 7)
Property, plant and equipment (Note 8) 355,052 246,248 189,534
Investment in and advances to Apico 47,698 47,261 55,225
LLC (Note 9)
Deposits and other assets 405 289 300
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Total non-current assets 435,036 324,866 289,966
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Total Assets 518,731 368,942 327,037
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Liabilities
Current Liabilities
Accounts payable and accrued 59,471 53,550 31,363
liabilities (Note 10)
Deferred revenue (Note 11) - - 23,060
Current portion of long-term debt (Note 55,662 36,262 10,266
14)
Amounts due to shareholder (Note 13) - - 5,164
Obligations under finance leases (Note - 885 35
16)
Current portion of derivative 14,557 10,141 -
liabilities (Note 14)
Derivative liability - Warrants (Note 2,853 2,191 3,371
12)
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Total current liabilities 132,543 103,029 73,259
Non-Current Liabilities
Long-term debt (Note 14) 22,156 35,081 24,284
Obligations under finance leases (Note - 579 1,439
16)
Non-current portion of derivative 1,274 6,609 -
liabilities (Note 14)
Deferred tax liabilities 69,767 11,885 23,653
Decommissioning liabilities (Note 15) 42,124 17,655 4,071
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Total Non-Current Liabilities 135,321 71,809 53,447
Shareholders' Equity (Note 22)
Common shares 211,554 201,303 198,121
Contributed surplus 16,401 15,971 13,932
Retained earnings (accumulated 17,630 (29,729) (17,339)
deficit)
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Total Shareholders' Equity 245,585 187,545 194,714
Non-controlling interest 5,282 6,559 5,617
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Total equity 250,867 194,104 200,331
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Total liabilities and equity 518,731 368,942 327,037
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Commitments and contingencies (Note 23)
The accompanying notes are an integral part of these condensed
interim consolidated financial statements.
Consolidated Statements of Cash Flow
US$000's
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-
Years Ended December 31, 2011 2010
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(Note 29)
Operating activitiesNet income (loss) 48,640 (11,223)
Adjustments:
Share of net income from Apico LLC (14,527) (7,932)
Unrealized (gain) loss on derivative instruments (843) 16,681
Depletion and depreciation 61,136 29,658
Impairment - 10,706
Finance expense 4,825 2,295
Amortisation of debt financing fees 786 132
Stock-based compensation 15,185 7,827
Deferred income taxes 57,882 (11,768)
Unrealized foreign exchange loss (gain) 388 (639)
Exploration expense 8,374 72,170
Gains on disposal of property, plant and equipment (873) -
Income taxes paid (86) -
Interest received 6 5
Interest paid (4,022) (3,203)
Earnings distributions from Apico LLC 15,536 15,896
Change in non-cash working capital (Note 25) (3,559) (25,629)
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Cash flow provided by operating activities 188,848 94,976
Financing Activities
Issuance of common shares, net of issuance costs 7,907 2,409
Borrowings under long-term debt 6,275 73,725
Repayment of long-term debt - (34,550)
Loan arrangement fees (594) (2,514)
Repayment of amounts due to shareholder - (5,164)
Payments to non-controlling interest (2,558) (225)
Other (506) -
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Cash flow provided by financing activities 10,524 33,681
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Investing Activities
Increase in restricted cash (12,078) (12,540)
Purchase of property, plant and equipment (165,099) (133,375)
Advances to Apico LLC (1,446) -
Proceeds from disposal of property, plant and equipment 250 -
Deposits and other assets (116) -
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Cash flow used in investing activities (178,489) (145,915)
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Effect of exchange rate changes on cash (1,772) (87)
Increase (decrease) in cash 19,111 (17,345)
Cash - Beginning of year 3,884 21,229
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Cash - End of year22,995 3,884
================================================================================
The accompanying notes are an integral part of these condensed interim
consolidated financial statements.
Randy Bartley, President and Chief Executive Officer of the Company and a
member of the Society of Petroleum Engineering and Jerry Moon, Vice President,
Technical&Business Development, a member of the American Association of
Petroleum Geologists, a Licensed Professional Geoscientist and a Certified
Petroleum Geologist in the state of Texas, have reviewed the contents of this
announcement.
Additional information, including the Company's complete competent person's
report may be found on the Company's website at www.CoastalEnergy.com or may be
found in documents filed on SEDAR at www.sedar.com.
The Coastal Energy Company logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=10062
This statement contains 'forward-looking statements' as defined by the
applicable securities legislation. Statements relating to current and future
drilling results, existence and recoverability of potential hydrocarbon
reserves, production amounts or revenues, forward capital expenditures,
operation costs, oil and gas price forecasts and similar matters are based on
current data and information and should be viewed as forward-looking
statements. Such statements are not guarantees of future results and are
subject to risks and uncertainties beyond Coastal Energy's control. Actual
results may differ substantially from the forward-looking statements.
These securities have not been registered under United States Securities Act of
1933 (the 'US Securities Act') or the securities laws of any state and may not
be offered or sold in the United States or to US persons (as defined in
Regulation S under the US Securities Act) unless an exemption from registration
is available.
The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release.
This news release is not for dissemination in the United States or through
United States newswire services.
CONTACT: Enquiries:
Coastal Energy Company
Email: investor(at)CoastalEnergy.com
+1 (713) 877-6793
Strand Hanson Limited (Nominated Adviser)
Rory Murphy / Paul Cocker / Scott McGregor
+44 (0) 20 7409 3494
Macquarie Capital (Europe) Limited (Broker)
Paul Connolly / Jeffrey Auld
+44 (0) 20 3037 2000
FirstEnergy Capital LLP (Broker)
Hugh Sanderson / Travis Inlow
+44 (0) 20 7448 0200
Buchanan
Tim Thompson / Ben Romney
+44 (0) 20 7466 5000
News Source: NASDAQ OMX
29.03.2012 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Coastal Energy Company
Cayman Islands
Phone:
Fax:
E-mail:
Internet:
ISIN: KYG224041189
WKN:
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Datum: 29.03.2012 - 14:30 Uhr
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News-ID 606850
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