Press

Africa Energy Reports Second Quarter 2018 Results

Posted by OilVoice Press - OilVoice

15-Aug-2018


VANCOUVER, Aug. 14, 2018 /CNW/ - Africa Energy Corp. (TSX Venture: AFE) (Nasdaq First North: AEC) ("Africa Energy" or the "Company"), an oil and gas company with exploration assets offshore Namibia and South Africa, announces financial and operating results for the three and six months ended June 30, 2018. View PDF Version.

HIGHLIGHTS

The Company achieved the following key milestones year-to-date in 2018:

  • Private Placement – Completed a private placement on May 4, 2018 for gross proceeds of approximately US$45.0 million, which funds the Company's near-term high-impact exploration drilling program;
  • Secondary Listing – Africa Energy's common shares commenced trading on Nasdaq First North Stockholm on May 4, 2018, which has increased the Company's trading liquidity and provided access to a broader investor base in Europe;
  • Namibia Exploration Renewal and Drilling Rig Contract – On Petroleum Exploration License 37 offshore Namibia ("PEL 37"), the joint venture partnership received approval from the Ministry of Mines and Energy in Namibia to enter the next two-year exploration period. In addition, PEL 37 operator Tullow Namibia Limited ("Tullow") contracted the Ocean Rig Poseidon, a sixth-generation deep water drillship, to drill the Cormorant-1 well planned for September 1, 2018; and
  • South Africa Exploration Renewal – On Block 2B offshore South Africa ("Block 2B"), the joint venture partnership received approval from the Petroleum Agency of South Africa for entry into the next two-year exploration period.

 

OUTLOOK

Following the recent US$45.0 million financing, Africa Energy looks forward to drilling two high-impact exploration wells in 2018. The Cormorant-1 well on PEL 37 in Namibia is expected to spud on September 1, 2018 with operator Tullow. The Brulpadda-1AX re-entry well on Block 11B/12B in South Africa is expected to spud in December 2018 with operator Total E&P South Africa BV.

FINANCIAL INFORMATION
(Unaudited; thousands of US dollars, except per share amounts)

     
 

Three

Three

Six

Six

 

months

months

months

months

 

ended

ended

ended

ended

 

June 30,

June 30,

June 30,

June 30,

 

2018

2017

2018

2017

Operating expenses

1,913

1,304

2,962

2,341

Net loss

(1,882)

(1,166)

(2,936)

(2,146)

Net loss per share (basic and diluted)

(0.00)

(0.00)

(0.01)

(0.01)

Weighted average number of shares outstanding (basic and diluted)

550,170

319,177

435,318

319,177

Number of shares outstanding

681,586

319,177

681,586

319,177

     

Cash flows provided by (used in) operations

(1,173)

(1,116)

(2,769)

(2,006)

Cash flows provided by (used in) investing

(90)

(420)

(119)

(462)

Cash flows provided by (used in) financing

43,896

(55)

43,897

(41)

Total change in cash and cash equivalents

42,574

(1,468)

40,937

(2,345)

     

Change in share capital

43,896

-

43,899

-

Change in contributed surplus

616

42

652

116

Change in deficit

1,882

1,166

2,936

2,146

Total change in equity

42,630

(1,124)

41,615

(2,030)

     
  

June 30,

December 31,

  

2018

 

2017

Cash and cash equivalents

 

44,069

 

3,132

Total assets

 

59,419

 

17,457

Total liabilities

 

5,682

 

5,335

Total equity attributable to common shareholders

 

53,737

 

12,122

Net working capital

 

38,587

 

(1,872)

 

The financial information in this table was selected from the Company's unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2018 (the "Financial Statements"), which are available on SEDAR at www.sedar.com and the Company's website www.africaenergycorp.com.

EARNINGS TREND AND FINANCIAL POSITION

The Company's operating expenses and net loss increased for the three and six months ended June 30, 2018 compared to the same period in 2017 due to higher listing fees associated with the Company's listing on the Nasdaq First North Stockholm and increased stock-based compensation expense related to 17.6 million stock options granted in the second quarter of 2018.

As at June 30, 2018, the Company had cash of US$44.1 million and net working capital of US$38.6 million compared to cash of US$3.1 million and negative working capital of US$1.9 million at December 31, 2017. The Company's cash and net working capital improved significantly compared to the end of 2017 due to the completion of a private placement in the second quarter of 2018 for gross proceeds of approximately US$45.0 million.

NEXT EARNINGS REPORT RELEASE

The Company plans to report third quarter 2018 results on November 8, 2018. 



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