Platino Energy Corp. Announces an Operational, Financial & Strategic Update, First Quarter Financial Results, Results of the ...
14 Maio 2014 - 7:09PM
Marketwired
Platino Energy Corp. Announces an Operational, Financial and
Strategic Update, First Quarter Financial Results, Results of the
Annual General Meeting, and an Updated Corporate Presentation
CALGARY, ALBERTA--(Marketwired - May 14, 2014) - Platino Energy
Corp. ("Platino" or the "Company") (TSX-VENTURE:PZE) announces a
number of items, including a corporate operations, financial and
strategic update, first quarter financial results, annual general
meeting results, and an updated corporate presentation.
OPERATIONAL AND
FINANCIAL UPDATE
Coati Block
The Company recently received approval for a long-term test of
the Coati-1 well and is currently preparing a test program to be
initiated in the second quarter of 2014. The planned test will
involve a re-entry of the Coati-1 well utilizing rented facilities
and a jet-pump with a slick-line unit, targeting production of the
U Sandstone. The Coati-1 well originally encountered 10 feet
gross/8 feet net of pay (13% porosity) in the U Sandstone and
tested 141 barrels of oil per day of 27° API oil over a 19 hour
period. The reservoir is not pressure depleted and produced minimal
water. The planned U Sandstone re-entry will assist management in
determining whether commercial quantities of oil can be produced
from the reservoir and will satisfy Agencia Nacional de
Hidrocarburos ("ANH") requirements to retain the Coati-1 evaluation
area, which must be completed by the end of June 2014. The capital
investment for the U Sandstone re-entry is expected to be
minimal.
The Company has applied for a global block environmental license
on the Coati block. All new exploration activities will be
suspended until the application process is completed, which is
expected to be in the third quarter of 2015.
Putumayo-8 Block
Expected exploration activity in 2014 on the Putumayo-8 block
has been delayed due to issues related to community negotiations
and the environmental licensing process. As a result of these
delays, Platino and its partner do not expect to begin civil works
on the first Putumayo-8 exploration well until late in 2015. In
addition, the partners are evaluating the potential to convert the
remaining 112 km2 seismic commitment to the ANH in respect of the
block to an additional exploration well to be drilled in 2016.
Block Activity Summary
|
|
|
|
|
|
|
Block |
|
Working Interest |
|
Activity |
|
Expected Timing |
Coati |
|
100%(1) |
|
Coati-1 re-entry to produce U-sand |
|
Q2 2014 |
|
|
|
|
Environmental license process |
|
Q2 2014 to Q3 2015 |
|
|
|
|
Drill Nasua exploration well |
|
Q4 2015 |
Putumayo-8 |
|
50% |
|
Environmental license process |
|
Q2 2014 to Q3 2015 |
|
|
|
|
Drill first exploration well |
|
Q4 2015 |
Andaquies |
|
100% |
|
Evaluating further exploration plans |
|
As early as Q3 2014 |
(1) Working interest will be reduced to 80% upon
Canacol Energy Ltd. ("Canacol") earning-in in accordance with
farm-in agreement |
General & Administrative Expenses
Platino has significantly reduced general and administrative
("G&A") expenses to match the current level of operations to
ensure that the Company preserves cash balances for use in
potential asset purchases, farm-ins or other transactions.
Management estimates full year 2014 G&A to be between US$3
million and US$4 million, with a go-forward annualized run-rate of
approximately US$2.5 million.
2014 Full Year Budget & Change in Cash
|
|
Item |
US$ MM |
Dec 31, 2013 Cash & Short Term Investments |
$54.7 |
|
Lower Spend |
Higher Spend |
Capital Expenditures |
($3.5) |
($5.0) |
G&A Expenses |
($3.0) |
($4.0) |
Estimated Dec 31, 2014 Cash & ST Investments |
$48.2 |
$45.7 |
The estimated year-end 2014 cash position equates to C$0.69 to
C$0.77(2) per basic share in cash.
STRATEGIC FOCUS
The Company has continued to pursue transactions with the goal
of generating near-term catalysts and management is focused on
three key areas:
- Utilizing Platino's strong financial position.
- March 31, 2014 cash and short-term investments of US$53 MM
(~C$0.84(2) per basic share)
- No debt
- Low ANH commitments
- Reduced annualized G&A run rate of ~$2.5 MM
- Maintaining the ability to act quickly on strategic
opportunities.
- Developing a prospective long-term portfolio.
- Three Putumayo blocks with high working interests
- Past production of oil at Coati with well re-entry expected in
the second quarter of 2014
- Minimal required capital spend in 2014
|
(2) CAD/USD exchange rate of 1.1055 as at March 31,
2014 |
SUMMARY OF FIRST QUARTER FINANCIAL RESULTS
The Company's unaudited consolidated financial results for the
quarter ended March 31, 2014, together with management's discussion
and analysis in respect thereof are available on the Company's
website at www.platinoenergy.com and under the Company's SEDAR
profile at www.sedar.com.
|
|
|
|
|
SELECTED FINANCIAL INFORMATION |
|
|
|
|
(US$000s, except shares and data per share) |
Three Months Ended March 31, 2014 |
|
Three Months Ended March 31, 2013 |
|
Net Loss |
(1,523 |
) |
(1,235 |
) |
Basic and diluted net loss per share |
($0.02 |
) |
($0.02 |
) |
Weighted average shares outstanding - Basic and Diluted |
69,492,164 |
|
67,942,164 |
|
Expenditures on E&E Assets |
449 |
|
1,991 |
|
|
|
|
|
|
As at (US$000s): |
March 31, 2014 |
|
December 31, 2013 |
|
Cash and equivalents, and short term investments |
52,975 |
|
54,659 |
|
Working capital surplus |
51,592 |
|
53,564 |
|
Long-term debt |
- |
|
- |
|
Total assets |
111,178 |
|
112,302 |
|
Common shares |
69,492,164 |
|
69,492,164 |
|
ANNUAL GENERAL MEETING VOTING RESULTS
At the annual general meeting of shareholders of the Company,
which took place in Calgary, Alberta on May 14, 2014, all of the
nominees proposed as directors and listed in the Company's
information circular dated April 11, 2014, were elected as
directors of the Company.
All other resolutions brought before the Meeting were approved
by shareholders, including the appointment of Deloitte LLP as
auditors and re-approval of the Company's stock option plan.
CORPORATE PRESENTATION
Platino has posted an updated corporate presentation regarding
its assets and operations on its website at
www.platinoenergy.com.
About Platino Energy Corp.
Platino is a Calgary, Alberta headquartered resource company
engaged in the exploration for, and the acquisition, development
and production of hydrocarbons in Colombia.
Advisory Regarding Forward-Looking Information
This news release contains "forward-looking information"
within the meaning of applicable securities laws. The use of any of
the words "will", "plans", "expects", "estimates", and similar
expressions is intended to identify forward-looking information
concerning the Company's future operations and performance
including, but not limited to: the re-entry of the Coati-1 well;
determination of the production potential of Platino's assets; the
suspension of exploration activities on the Coati Block pending the
Company's environmental license application in respect thereof;
future exploration activity and drilling program, including the
Block Activity Summary; regulatory applications; future G&A
expenses; estimated year-end 2014 cash position.
The forward-looking information in this news release is
based on certain key expectations and assumptions made by Platino.
Although Platino believes that the expectations and assumptions on
which such forward-looking information is based are reasonable,
undue reliance should not be placed on the forward-looking
information because Platino can give no assurance that it will
prove to be correct.
The forward-looking information in this news release is
subject to known and unknown risks and uncertainties and other
factors which may cause actual results to differ materially from
those expressed or implied in the forward-looking information. Such
risks, uncertainties and factors include, among others: risks that
Platino will face unbudgeted expenses or payment obligations that
would affect its year-end cash position; the nature of the
exploration and development activities on Platino's assets; risks
that actual operating and capital costs will be greater than
expected; risks as to the ability of the Company's industry
partners to satisfy their obligations under their agreements with
the Company, as well as other difficulties encountered during the
exploration for, delineation, development and production of oil. As
a result of the foregoing, readers should not place undue reliance
on the forward-looking information contained in this news release.
Readers are cautioned that the foregoing list of factors is not
exhaustive.
Additional information on these and other factors that could
affect the operations or financial results of Platino are included
in the Listing Application (Form 2B) of Platino filed with the
TSXV, which has been filed with applicable securities regulatory
authorities and may be accessed through the SEDAR website
www.sedar.com. The forward-looking information contained in this
news release is made as of the date hereof and Platino undertakes
no obligation to update publicly or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities
laws.
NEITHER THE 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.
Platino Energy Corp.In Bogota:Tomas VillamilPresident &
Chief Executive Officer+57 (1) 235-0007Andres CuencaController
& Interim Chief Financial Officer+57 (1) 235-0007In
Calgary:Tyler RimbeyVice President, Business Development+1 (403)
262-6046www.platinoenergy.com
(TSXV:PZE)
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