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Alvopetro Energy
Investor Insight
Brazil’s expanding natural gas market, supported by an attractive and stable regulatory framework and fiscal regime offers a unique opportunity for Alvopetro Energy to leverage its high-potential assets and growth opportunities as an innovative natural gas company in the state of Bahia.
Overview
Alvopetro Energy (TSXV:ALV;OTCQX:ALVOF) is a pioneering independent natural gas producer in Brazil, and was the first company to deliver sales-specified natural gas onshore into the local distribution network, which was previously dominated by the state oil company. This milestone, achieved on July 5, 2020, marked the beginning of a new era in Brazil's gas market. As an independent upstream and midstream operator, Alvopetro engages in the acquisition, exploration, development and production of natural gas and oil. The company holds interests in the Caburé and Murucututu natural gas assets, Block 182 and 183 exploration assets, and Bom Lugar and Mãe-da-lua oil fields, which cover an area of over 22,000 acres in the Recôncavo basin onshore Brazil. Alvopetro Energy was incorporated in 2013 and is headquartered in Calgary, Canada.
Alvopetro adheres to a balanced capital allocation model, reinvesting half of its funds flow from operations in organic growth opportunities while returning the remaining 50 percent back to stakeholders (through dividends, debt and interest payments and capital lease payments). Since production came online in July of 2020, funds flow from operations has reached ~$140 million with 43 percent being reinvested into capital expenditure initiatives, 48 percent being returned to stakeholders, and 9 percent going back to strengthening the company’s balance sheet.
Alvopetro continues to focus on minimizing its environmental impact, responsibly supplying energy, and having a positive influence on the communities where it operates. Alvopetro currently invests in various voluntary social programs that have been well received by the community. The company’s focus has been on the sustainable development of its rural communities, entrepreneurship, education, cultural and sporting activities, as well as biodiversity preservation.Company Highlights
- Alvopetro is a leading independent upstream and midstream gas operator in the state of Bahia, Brazil.
- The company’s strategy is focused on unlocking Brazil’s on-shore natural gas potential, building off the development of its Caburé and Murucututu natural gas fields strategic midstream infrastructure.
- Over 95 percent of Alvopetro’s production is from natural gas and the company has a 2P reserve base of 9.6 MMboe.
- The company boasts high operating netbacks and profitability per unit of production, setting it apart from its Latin American and North American peers. The state of Bahia boasts a favorable fiscal regime with low royalties and a 15 percent income tax rate.
Key Projects
Caburé
The company’s flagship Caburé asset (56 percent Alvopetro) delivers the majority of Alvopetro’s current production. The project is a joint development (the unit) of a conventional natural gas discovery across four blocks, two of which are held by Alvopetro and two of which are held by its partner, with Alvopetro’s working interest being 56.2 percent following the first redetermination. The unit currently includes eight existing wells, with all production facilities already in place. The resource is well defined with 3D seismic surveys, particularly on the eastern side of a main bounding fault that runs roughly north-south through the Caruaçu formation. The company plans to drill an additional five wells in late 2024 and early 2025 to further improve the productive capacity of the field.
Midstream – Infrastructure and marketing (100 percent Alvopetro)
All of Alvopetro’s natural gas produced from Caburé and Murucututu are shipped via 100 percent owned and operated natural gas pipelines to Alvopetro’s natural gas processing facility (UPGN). At the UPGN, the natural gas goes through a mechanical refrigeration process, with condensate and water removed during the process, and condensate then gets trucked out and sold at a premium to Brent. The natural gas gets delivered to a receiving station (city gate) that was built by the company’s offtaker, Bahiagás, the distribution company for the State of Bahia. The gas then gets shipped via a newly built 15 km distribution pipeline to the Camacari industrial complex (~17.5 km away), where the vast majority of the natural gas in the state of Bahia gets consumed.
Natural gas is sold to Bahiagas under a long-term gas sales agreement, with pricing set semi-annually based on a blend of three international benchmark prices (Henry Hub, UK NBP and Brent oil equivalent) averaged over a period of time. The contract includes both a floor and a ceiling price, with adjustments for inflation.
Organic Growth Opportunities
Maximizing the Gas Plant
In the near-to-mid term, Alvopetro has a goal to maximize its gas plant capacity to 18 million cubic feet per day (or 3,000 barrels of oil equivalent per day), with a plan to double its capacity in the coming years through both ongoing development at the Caburé Unit and a multi-year development of the Murucututu field.
Unit Development
Alvopetro’s working interest in the Caburé Unit was recently increased from 49.1 percent to 56.2 percent and as a result, Alvopetro is now entitled to higher production entitlements from the Unit. In addition, with the unit development drilling activities planned to commence in 2024, the overall productive capacity of the Unit is targeted to increase.
Murucututu Gas
Alvopetro’s Murucututu asset (100 percent owned) sits immediately north of Caburé. The company is looking to optimize its existing wells, which will help cultivate a broader multi-year development plan. Independent reserve estimators, GLJ, highlight the potential for this field with 2P reserve totaling 4.6 million barrels of oil equivalent, risked best estimate contingent resource of 5.4 million barrels of oil equivalent and risked best estimate prospective resource of 9.6 million barrels of oil equivalent representing a significant addition to the company’s current 2P reserve base.
Management Team
Corey C. Ruttan – Chief Executive Officer
Corey C. Ruttan is the president, chief executive officer and director of Alvopetro. He was the president and CEO of Petrominerales, from May 2010 until it was acquired by Pacific Rubiales Energy in November 2013. Prior to that, he was the vice-president of finance and chief financial officer of Petrominerales. From March 2000 to May 2010, Ruttan was the senior vice-president and chief financial officer of Petrobank Energy and Resources, and held increasingly senior positions with Petrobank since its inception in 2000. He also served as executive vice-president and chief financial officer of Lightstream Resources from October 2009 to May 2010; served as vice-president of Caribou Capital from June 1999 to March 2000; and manager financial reporting of Pacalta Resources from May 1997 to June 1999. He began his career at KPMG where he worked from September 1994 to May 1997. Ruttan obtained his Bachelor of Commerce degree majoring in accounting from the University of Calgary in 1994 and his chartered accountant designation in 1997.
Alison Howard – Chief Financial Officer
Alison Howard is a chartered accountant with over 20 years of experience in Canadian and international taxation, accounting and finance. Howard joined Petrominerales in July 2011 as a tax manager and was subsequently promoted to tax director. From May 2008 to July 2011, Howard was the tax manager at Petrobank Energy and Resources. Prior to that, Howard spent a number of years at Deloitte LLP in Calgary. She obtained her Bachelor of Commerce degree from the University of Saskatchewan in 1999.
Adrian Audet – VP, Asset Management
Adrian Audet joined Petrominerales in 2013 and has held increasingly senior roles with Alvopetro since its inception. Audet has spent extensive time in Bahia overseeing the operations, realizing extensive cost savings and improvements in efficiency. Previously, Audet held engineering roles with increasing responsibility in the oil and gas industry. Audet began his career in 2006 and completed his masters and undergraduate degrees in mechanical engineering at the University of Alberta. Audet is a professional engineer registered with APEGA and is a CFA charterholder.
Nanna Eliuk – Exploration Manager
Nanna Eliuk is a professional geophysicist (M.Sc.) with over 23 years of diversified petroleum exploration and development experience. She has expertise in conventional and unconventional plays in both carbonate and clastic reservoirs in different depositional and structural settings (including pre-salt) in various basins around the world. Prior to joining Alvopetro, Eliuk was the senior explorationist of Condor Petroleum (Kazakhstan) for two years, and prior thereto, she was the vice-president of geophysics and land for Waldron Energy. Eliuk started her career in 1997, holding progressively senior roles at Husky Energy for five years, and at Compton Petroleum for over six years. Her extensive experience includes geophysical evaluation and analysis for business development opportunities and new ventures in various international basins, along with regional mapping, play fairway analysis, petroleum system evaluation, prospect definition, and seismic attribute analysis. Eliuk holds a masters degree in geology and geophysics, and a BSc. in geology.
Frederico Oliveira – Country Manager
Frederico Oliveira has held increasingly senior roles since 2008 and has expertise in regulations, contracts, partnerships, management and cost efficiency. He has held management roles in large private companies in Brazil, performing strategic planning, project implementation, process restructuring, efficiency and productivity improvements, and cost control. Oliveira obtained an MBA from the Federal University of Minas Gerais in 2004 and a Bachelor of Science degree in Mechanical Engineering from the Pontificia Universidade Catolica de Minas Gerais.
Alvopetro Announces Approval of Normal Course Issuer Bid and Automatic Share Purchase Plan
Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) ("Alvopetro" or the "Company") is pleased to announce the TSX Venture Exchange ("TSXV") has now approved the Company's proposed normal course issuer bid (the "NCIB") and an automatic share purchase plan ("ASPP").
Pursuant to the NCIB, Alvopetro is authorized to repurchase up to 2,953,044 common shares, representing 8.1% of the common shares outstanding as of August 12, 2024 and 10% of Alvopetro's "public float", over the period commencing on August 13, 2024 and ending on the earlier of: August 12, 2025 or such earlier date as the NCIB is completed or is terminated at the Company's election. Purchases under the NCIB may be made through open market transactions on the TSXV, the OTCQX and any alternate trading systems in Canada on which the common shares are traded, based on the prevailing market price, at such times and in such quantities as the Company may determine, subject to applicable regulatory restrictions. A maximum of 5% of Alvopetro's common shares outstanding may be purchased on the OTCQX during the twelve-month term of the NCIB. Any common shares purchased under the NCIB will be cancelled. During the Company's previous normal course issuer bid, which ran from January 6, 2023 until January 5, 2024 (the "Prior NCIB"), the Company purchased 4,600 of its common shares. The weighted average price paid per common share in the Prior NCIB was C$6.76 .
Alvopetro has appointed Research Capital Corporation as our designated broker to conduct the NCIB purchases. In connection with the NCIB, Alvopetro has entered into the ASPP with our designated broker. The TSXV has approved the ASPP. The ASPP allows our designated broker to purchase common shares under the NCIB. The ASPP allows for the purchase of common shares under the NCIB at times when the Company may not ordinarily be permitted to purchase common shares due to regulatory restrictions and customary self-imposed blackout periods. Any purchases under the ASPP are determined by the broker at its sole discretion based on purchasing parameters set out by the Company in accordance with rules of the TSXV, applicable securities laws and the terms of the ASPP. The ASPP will terminate on the earlier of the date on which: (i) the NCIB expires; (ii) the maximum number of common shares have been purchased under the ASPP; and (iii) the Company terminates the ASPP in accordance with its terms.
Outside of the ASPP and outside of pre-determined blackout periods, common shares may continue to be purchased under the NCIB based on management's discretion, in compliance with the rules of the TSXV and applicable securities laws. All purchases made under the ASPP will be included in the number of common shares available for purchase under the NCIB.
Alvopetro has an established strategy to balance reinvestment in our business with stakeholder returns. In combination with our quarterly dividends, the NCIB provides us with further flexibility with respect to stakeholder returns. Where Alvopetro has excess cash and working capital on hand, the NCIB provides Alvopetro with discretion to repurchase our common shares for cancellation at times where our board of directors and senior management believe the market price of the common shares may not fully reflect the reflect the underlying value of the common shares and Alvopetro's business and future prospects. In such circumstances, the repurchase of common shares under the NCIB should increase the underlying value of the common shares to the remaining shareholders. In addition, purchases under the NCIB may increase liquidity to shareholders wishing to sell their common shares. As announced on August 7, 2024 , where Alvopetro's funds flow from operations (1) to be allocated to stakeholders exceeds our current base dividend ( $0.09 per common share), Alvopetro's intention is to allocate such surplus funds to common share repurchases. An initial budget of $0.5 million has been allocated based on results for the six months ended June 30, 2024 and Alvopetro expects to augment this in future quarters based on results.
Alvopetro retains discretion whether to make purchases under the NCIB, and to determine the timing, amount and acceptable price of any such purchases, subject at all times to applicable regulatory requirements.
(1) See " Non-GAAP and Other Financial Measures " section within this news release. |
Social Media
Follow Alvopetro on our social media channels at the following links:
Twitter - https://twitter.com/AlvopetroEnergy
Instagram - https://www.instagram.com/alvopetro/
LinkedIn - https://www.linkedin.com/company/alvopetro-energy-ltd
YouTube - https://www.youtube.com/channel/UCgDn_igrQgdlj-maR6fWB0w
Alvopetro Energy Ltd.'s vision is to become a leading independent upstream and midstream operator in Brazil . Our strategy is to unlock the on-shore natural gas potential in the state of Bahia in Brazil , building off the development of our Caburé and Murucututu natural gas assets and our strategic midstream infrastructure.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
All amounts contained in this new release are in United States dollars, unless otherwise stated and all tabular amounts are in thousands of United States dollars, except as otherwise noted.
Abbreviations:
C$ = Canadian dollar
Non-GAAP and Other Financial Measures. This news release contains a reference to funds flow from operations which is a non-GAAP capital management measure as such term is defined in National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure. It is not a recognized measure under GAAP and does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. It should not be considered an alternative to, or more meaningful than measures prescribed by IFRS and is not meant to enhance the Company's reported financial performance or position. Funds flow from operations is a non-GAAP capital management measure that includes all cash generated from operating activities and is calculated before changes in non-cash working capital. The most comparable GAAP measure to funds flow from operations is cash flows from operating activities. Management considers funds flow from operations important as it helps evaluate financial performance and demonstrates the Company's ability to generate sufficient cash to fund future growth opportunities. Funds flow from operations should not be considered an alternative to, or more meaningful than, cash flows from operating activities. For more information including a reconciliation to the closest comparable GAAP measure, see the "Non-GAAP Measures and Other Financial Measures" section of the Company's MD&A which may be accessed through the SEDAR+ website at www.sedarplus.ca .
Forward-Looking Statements and Cautionary Language. This news release contains "forward-looking information" within the meaning of applicable securities laws. The use of any of the words "will", "expect", "intend" and other similar words or expressions are intended to identify forward-looking information. Forward‐looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the expectations discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events. Accordingly, when relying on forward-looking statements to make decisions, Alvopetro cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. More particularly and without limitation, this news release contains forward-looking information concerning the NCIB, the duration of the NCIB, the number of common shares which may be purchased under the NCIB, the timing, amount and price of common shares under the NCIB, anticipated advantages to shareholder of the NCIB, the anticipated budget for the NCIB, the Company's dividend policy and plans for dividends in the future, future results of operations and related matters. Forward -looking statements are necessarily based upon assumptions and judgments with respect to the future including, but not limited to, expectations and assumptions concerning the timing of regulatory licenses and approvals, equipment availability, the success of future drilling, completion, testing, recompletion and development activities and the timing of such activities, the performance of producing wells and reservoirs, well development and operating performance, expectations regarding Alvopetro's working interest and the outcome of any redeterminations, environmental regulation, including regulation relating to hydraulic fracturing and stimulation, the ability to monetize hydrocarbons discovered, the outlook for commodity markets and ability to access capital markets, foreign exchange rates, general economic and business conditions, forecasted demand for oil and natural gas, the impact of global pandemics, weather and access to drilling locations, the availability and cost of labour and services, the regulatory and legal environment and other risks associated with oil and gas operations . The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. In addition, the declaration, timing, amount and payment of future dividends remain at the discretion of the board of directors and may vary depending on numerous factors, including, without limitation, the Company's operational performance, available financial resources and financial requirements, capital requirements and growth plans. There can be no assurance that dividends will be paid at the intended rate or at any rate in the future. Similarly, the decision by the Company to repurchase common shares pursuant to the NCIB and the amount and timing of such repurchases is uncertain and there can be no assurance that the Company will repurchase any common shares in the future. Although Alvopetro 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 Alvopetro can give no assurance that it will prove to be correct. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on factors that could affect the operations or financial results of Alvopetro are included in our annual information form which may be accessed on Alvopetro's SEDAR+ profile at www.sedarplus.ca . The forward-looking information contained in this news release is made as of the date hereof and Alvopetro 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.
SOURCE Alvopetro Energy Ltd.
View original content: http://www.newswire.ca/en/releases/archive/August2024/12/c2668.html
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Alvopetro Announces Q2 2024 Results and Provides an Operational Update and a Corporate Update
Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) ("Alvopetro" or the "Company") announces July 2024 sales volumes, updated natural gas pricing under our long-term gas sales agreement, an intention to launch a share buyback program under a normal course issuer bid ("NCIB"), and financial results for the three and six months ended June 30, 2024 . We will host a live webcast to discuss Q2 2024 results on Thursday August 8, 2024 at 8:00 am Mountain time .
All references herein to $ refer to United States dollars, unless otherwise stated and all tabular amounts are in thousands of United States dollars, except as otherwise noted.
President & CEO, Corey C. Ruttan commented:
"We continue to post strong financial results with a Q2 2024 operating netback of $64.30 /boe and funds flow from operations of $7.9 million . We are also pleased to announce a significant 49% increase in production as we start the third quarter.
Alvopetro has a disciplined capital allocation model whereby roughly half of our funds flow from operations are intended to be reinvested in organic growth and the other half in returns to stakeholders. We have already returned $43.8 million ( $1.22 /share) to shareholders through dividends and we plan to complement these stakeholder returns through a share repurchase program. Our organically funded capital program is intensifying, we are planning a very busy second half of the year and we expect to have key results from initial activities to announce later this quarter."
Operational Update
July Sales Volumes
July sales volumes increased 49% over Q2 2024, averaging 2,432 boepd, including natural gas sales of 13.8 MMcfpd, associated natural gas liquids sales from condensate of 118 bopd and oil sales of 19 bopd, based on field estimates. To address continued impacts resulting from reductions in natural gas demand in the state of Bahia, Alvopetro and Bahiagás have agreed to review natural gas pricing on interruptible sales volumes (those volumes above our 300,000 m3/d (10.6 Mmcfpd) of Firm contracted sales) on a monthly basis. We expect nominations in August to be consistent with our July sales.
Natural gas, NGLs and crude oil sales: | July 2024 |
|
Natural gas (Mcfpd), by field: | ||
Caburé | 13,418 | 8,822 |
Murucututu | 353 | 422 |
Total natural gas (Mcfpd) | 13,771 | 9,244 |
NGLs (bopd) | 118 | 76 |
Oil (bopd) | 19 | 12 |
Total (boepd) | 2,432 | 1,629 |
Development Activities
We completed the planned chemical injection program in our 197-1 well, the well is back online, and we are monitoring the effectiveness of the chemical program. We have initiated the recompletion of our 183-1 well in an uphole Caruaçu zone and expect to bring the well online through our Murucututu production facility this quarter. In parallel, we are finishing the completion of our 183-A3 well. This well was drilled to a total measured depth of 3,540 metres and based on open-hole logs, the well encountered potential net natural gas pay in both the Caruaçu Member of the Maracangalha Formation and the Gomo Member of the Candeias Formation, with an aggregate 127.7 metres total vertical depth of potential natural gas pay, using a 6% porosity cutoff, 50% Vshale cut-off and 50% water saturation cutoff. We also plan to have this well on production through our Murucututu production facility later this quarter.
Semi-Annual Natural Gas Pricing Update
Effective August 1, 2024 , our natural gas price under our long-term gas sales agreement with Bahiagás has been adjusted to BRL1.945 /m 3 or $10.83 /Mcf (based on average heat content to date, the July 31, 2024 BRL/USD exchange rate of 5.66 and sales tax credits applicable). While the BRL contracted price was virtually unchanged from the February 1, 2024 contracted price, the expected USD price of $10.83 /Mcf, based on the July 31, 2024 exchange rate of 5.66, is 8% lower than the realized natural gas price of $11.83 /Mcf in Q2 2024, which was based on the Q2 2024 average exchange rate of 5.21.
Corporate Update - Normal Course Issuer Bid
Alvopetro has been following a disciplined capital allocation model whereby roughly half of our funds flow from operations are intended to be reinvested in organic growth and the other half allocated to stakeholder returns. Since commencing production from our Caburé project on July 5, 2020 , this model has resulted in all of our initial $15 million project finance debt being repaid in just over two years and, in Q3 2021, the introduction of our quarterly dividend. To date, we have already returned $43.8 million ( $1.22 /share) to shareholders through dividends.
To complement our stakeholder return model, Alvopetro's Board of Directors (the "Board") has approved the submission of an application to launch a share buyback program under a NCIB, subject to securities law and customary approvals. To the extent funds flow to be allocated to stakeholders is in excess of Board approved dividend amounts, the NCIB would provide us with further flexibility with respect to stakeholder returns, allowing us discretion to allocate these surplus funds to share repurchases. Where Alvopetro has excess cash and working capital on hand, the NCIB would provide Alvopetro with discretion to repurchase our common shares for cancellation at times where our Board and senior management believe the market price of the common shares may not fully reflect the underlying value of the common shares and Alvopetro's business and future prospects. In such circumstances, the repurchase of shares under the NCIB increases the underlying value of the common shares to the remaining shareholders. In addition, the purchases under the NCIB may increase liquidity to shareholders wishing to sell their common shares.
To the extent funds flow to be allocated to stakeholders exceeds our current base dividend ( $0.09 /share), Alvopetro's intention is to allocate these surplus funds to share repurchases. During the first six months of 2024 this surplus totaled $0.5 million which is being allocated to the initial budget for share repurchases and is expected to be augmented in future quarters based on results.
The NCIB is subject to the approval of the TSX Venture Exchange. Once approved, Alvopetro retains discretion whether to make purchases under the NCIB and to determine the timing, amount and acceptable price of such purchases, subject at all times to applicable regulatory requirements.
Financial and Operating Highlights – Second Quarter of 2024
- In April 2024 , the independent expert appointed in connection with the redetermination of working interests in the Unit found in favour of Alvopetro, increasing Alvopetro's working interest from 49.1% to 56.2%. Our partner disputed the findings of the independent expert and the matter was subsequently referred to an emergency arbitrator of the International Chamber of Commerce ("ICC"). In May 2024 , the emergency arbitrator found in favour of Alvopetro, making the decision of the appointed expert binding and increasing Alvopetro's working interest to 56.2% effective June 1, 2024 . The decision of the emergency arbitrator is a provisional and contingent decision until the matter is decided upon by a full arbitral tribunal pursuant to the Rules of Arbitration of the ICC as provided for under the terms of the UOA. The full arbitration has now commenced.
- Our daily sales averaged 1,629 boepd in Q2 2024, a decrease of 18% from Q2 2023 and 4% from Q1 2024 due to lower natural gas demand.
- Our average realized natural gas price was $11.83 /Mcf (-8% from Q2 2023) and our overall realized sales price per boe was $71.97 (-7% from Q2 2023).
- With lower overall sales volumes and realized prices per boe, our natural gas, condensate and oil revenue was $10.7 million , a decrease of $3.2 million (-23%) compared to Q2 2023 and $1.1 million (-9%) compared to Q1 2024.
- Our operating netback in the quarter was $64.30 per boe (- $5.31 from Q2 2023) due mainly to the reduction in our realized sales price per boe.
- We generated funds flows from operations of $7.9 million ( $0.21 per basic and per diluted share), a decrease of $3.1 million compared to Q2 2023 and $0.6 million compared to Q1 2024 due mainly to lower sales volumes and realized prices.
- We reported net income of $2.4 million in Q2 2024, a decrease of $7.5 million compared to Q2 2023 and $2.2 million compared to Q1 2024 due mainly to lower sales volumes and realized prices as well as higher foreign exchange losses, mainly on intercompany balances.
- Capital expenditures totaled $3.4 million , including equipment purchases for the facility upgrade at Caburé and other long-lead purchases, costs for our Murucututu wells and additional capital for historical Unit projects as a result of our increased working interest following the redetermination.
- Our working capital surplus was $14.7 million as of June 30, 2024 , increasing $1.6 million from December 31, 2023 and decreasing $0.4 million from March 31, 2024
The following table provides a summary of Alvopetro's financial and operating results for the periods noted. The consolidated financial statements with the Management's Discussion and Analysis ("MD&A") are available on our website at www.alvopetro.com and will be available on the SEDAR+ website at www.sedarplus.ca .
As at and Three Months Ended June 30 | As at and Six Months Ended June 30, | |||||
2024 | 2023 | Change (%) | 2024 | 2023 | Change (%) | |
Financial | ||||||
($000s, except where noted) | ||||||
Natural gas, oil and condensate sales | 10,672 | 13,914 | (23) | 22,424 | 32,074 | (30) |
Net income | 2,350 | 9,852 | (76) | 6,900 | 22,054 | (69) |
Per share – basic ($) (1) | 0.06 | 0.27 | (78) | 0.19 | 0.60 | (68) |
Per share – diluted ($) (1) | 0.06 | 0.26 | (77) | 0.18 | 0.59 | (69) |
Cash flows from operating activities | 8,860 | 13,473 | (34) | 17,073 | 27,329 | (38) |
Per share – basic ($) (1) | 0.24 | 0.37 | (35) | 0.46 | 0.75 | (39) |
Per share – diluted ($) (1) | 0.24 | 0.36 | (33) | 0.45 | 0.73 | (38) |
Funds flow from operations (2) | 7,910 | 11,047 | (28) | 16,423 | 26,019 | (37) |
Per share – basic ($) (1) | 0.21 | 0.30 | (30) | 0.44 | 0.71 | (38) |
Per share – diluted ($) (1) | 0.21 | 0.29 | (28) | 0.44 | 0.69 | (36) |
Dividends declared | 3,296 | 5,109 | (35) | 6,592 | 10,213 | (35) |
Per share (1) (2) | 0.09 | 0.14 | (36) | 0.18 | 0.28 | (36) |
Capital expenditures | 3,437 | 8,521 | (60) | 5,876 | 11,812 | (50) |
Cash and cash equivalents | 19,681 | 25,598 | (23) | 19,681 | 25,598 | (23) |
Net working capital (2) | 14,692 | 18,084 | (19) | 14,692 | 18,084 | (19) |
Weighted average shares outstanding | ||||||
Basic (000s) (1) | 37,286 | 36,697 | 2 | 37,282 | 36,627 | 2 |
Diluted (000s) (1) | 37,600 | 37,755 | - | 37,647 | 37,657 | - |
Operations | ||||||
Natural gas, NGLs and crude oil sales: | ||||||
Natural gas (Mcfpd), by field: | ||||||
Caburé (Mcfpd) | 8,822 | 10,759 | (18) | 9,029 | 13,185 | (32) |
Murucututu (Mcfpd) | 422 | 510 | (17) | 426 | 335 | 27 |
Total natural gas (Mcfpd) | 9,244 | 11,269 | (18) | 9,455 | 13,520 | (30) |
NGLs – condensate (bopd) | 76 | 92 | (17) | 77 | 111 | (31) |
Oil (bopd) | 12 | 5 | 140 | 12 | 5 | 140 |
Total (boepd) | 1,629 | 1,975 | (18) | 1,665 | 2,369 | (30) |
Average realized prices (2) : | ||||||
Natural gas ($/Mcf) | 11.83 | 12.86 | (8) | 12.21 | 12.40 | (2) |
NGLs – condensate ($/bbl) | 92.27 | 83.35 | 11 | 90.06 | 83.79 | 7 |
Oil ($/bbl) | 71.87 | 63.93 | 12 | 68.54 | 68.00 | 1 |
Total ($/boe) | 71.97 | 77.41 | (7) | 74.00 | 74.80 | (1) |
Operating netback ($/boe) (2) | ||||||
Realized sales price | 71.97 | 77.41 | (7) | 74.00 | 74.80 | (1) |
Royalties | (1.94) | (1.97) | (2) | (1.98) | (2.18) | (9) |
Production expenses | (5.73) | (5.83) | (2) | (6.77) | (4.75) | 43 |
Operating netback | 64.30 | 69.61 | (8) | 65.25 | 67.87 | (4) |
Operating netback margin (2) | 89 % | 90 % | (1) | 88 % | 91 % | (3) |
Notes: | |
(1) | Per share amounts are based on weighted average shares outstanding other than dividends per share, which is based on the number of common shares outstanding at each dividend record date. The weighted average number of diluted common shares outstanding in the computation of funds flow from operations and cash flows from operating activities per share is the same as for net income per share. |
(2) | See " Non-GAAP and Other Financial Measures " section within this news release. |
Q2 2024 Results Webcast
Alvopetro will host a live webcast to discuss our Q2 2024 financial results at 8:00 am Mountain time on Thursday August 8, 2024. Details for joining the event are as follows:
DATE: August 8, 2024
TIME : 8:00 AM Mountain/ 10:00 AM Eastern
LINK: https://us06web.zoom.us/j/83519395336
DIAL-IN NUMBERS: https://us06web.zoom.us/u/kdjyfsnxcK
WEBINAR ID : 835 1939 5336
The webcast will include a question-and-answer period. Online participants will be able to ask questions through the Zoom portal. Dial-in participants can email questions directly to socialmedia@alvopetro.com .
Corporate Presentation
Alvopetro's updated corporate presentation is available on our website at:
http://www.alvopetro.com/corporate-presentation .
Social Media
Follow Alvopetro on our social media channels at the following links:
Twitter - https://twitter.com/AlvopetroEnergy
Instagram - https://www.instagram.com/alvopetro/
LinkedIn - https://www.linkedin.com/company/alvopetro-energy-ltd
Alvopetro Energy Ltd.'s vision is to become a leading independent upstream and midstream operator in Brazil . Our strategy is to unlock the on-shore natural gas potential in the state of Bahia in Brazil , building off the development of our Caburé and Murucututu natural gas fields and our strategic midstream infrastructure.
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 news release.
Abbreviations:
$000s | = | thousands of U.S. dollars |
boepd | = | barrels of oil equivalent ("boe") per day |
bopd | = | barrels of oil and/or natural gas liquids (condensate) per day |
BRL | = | Brazilian Real |
Mcf | = | thousand cubic feet |
Mcfpd | = | thousand cubic feet per day |
MMcf | = | million cubic feet |
MMcfpd | = | million cubic feet per day |
NGLs | = | natural gas liquids (condensate) |
Q1 2024 | = | three months ended March 31, 2024 |
Q2 2023 | = | three months ended June 30, 2023 |
Q2 2024 | = | three months ended June 30, 2024 |
USD | = | United States dollars |
GAAP | = | IFRS Accounting Standards |
Non-GAAP and Other Financial Measures
This news release contains references to various non-GAAP financial measures, non-GAAP ratios, capital management measures and supplementary financial measures as such terms are defined in National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure . Such measures are not recognized measures under GAAP and do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. While these measures may be common in the oil and gas industry, the Company's use of these terms may not be comparable to similarly defined measures presented by other companies. The non-GAAP and other financial measures referred to in this report should not be considered an alternative to, or more meaningful than measures prescribed by IFRS and they are not meant to enhance the Company's reported financial performance or position. These are complementary measures that are used by management in assessing the Company's financial performance, efficiency and liquidity and they may be used by investors or other users of this document for the same purpose. Below is a description of the non-GAAP financial measures, non-GAAP ratios, capital management measures and supplementary financial measures used in this news release. For more information with respect to financial measures which have not been defined by GAAP, including reconciliations to the closest comparable GAAP measure, see the " Non-GAAP Measures and Other Financial Measures " section of the Company's MD&A which may be accessed through the SEDAR+ website at www.sedarplus.ca .
Non-GAAP Financial Measures
Operating netback
Operating netback is calculated as natural gas, oil and condensate revenues less royalties and production expenses. This calculation is provided in the " Operating Netback " section of the Company's MD&A using our IFRS measures. The Company's MD&A may be accessed through the SEDAR+ website at www.sedarplus.ca . Operating netback is a common metric used in the oil and gas industry used to demonstrate profitability from operations.
Non-GAAP Financial Ratios
Operating netback per boe
Operating netback is calculated on a per unit basis, which is per barrel of oil equivalent ("boe"). It is a common non-GAAP measure used in the oil and gas industry and management believes this measurement assists in evaluating the operating performance of the Company. It is a measure of the economic quality of the Company's producing assets and is useful for evaluating variable costs as it provides a reliable measure regardless of fluctuations in production. Alvopetro calculated operating netback per boe as operating netback divided by total sales volumes (boe). This calculation is provided in the " Operating Netback " section of the Company's MD&A using our IFRS measures. The Company's MD&A may be accessed through the SEDAR+ website at www.sedarplus.ca . Operating netback is a common metric used in the oil and gas industry used to demonstrate profitability from operations on a per boe basis.
Operating netback margin
Operating netback margin is calculated as operating netback per boe divided by the realized sales price per boe. Operating netback margin is a measure of the profitability per boe relative to natural gas, oil and condensate sales revenues per boe and is calculated as follows:
Three Months Ended June 30, | Six Months Ended June 30, | |||
2024 | 2023 | 2024 | 2023 | |
Operating netback - $ per boe | 64.30 | 69.61 | 65.25 | 67.87 |
Average realized price - $ per boe | 71.97 | 77.41 | 74.00 | 74.80 |
Operating netback margin | 89 % | 90 % | 88 % | 91 % |
Funds Flow from Operations Per Share
Funds flow from operations per share is a non-GAAP ratio that includes all cash generated from operating activities and is calculated before changes in non-cash working capital, divided by the weighted the weighted average shares outstanding for the respective period. For the periods reported in this news release the cash flows from operating activities per share and funds flow from operations per share is as follows:
Three Months Ended June 30, | Six Months Ended June 30, | |||
$ per share | 2024 | 2023 | 2024 | 2023 |
Per basic share: | ||||
Cash flows from operating activities | 0.24 | 0.37 | 0.46 | 0.75 |
Funds flow from operations | 0.21 | 0.30 | 0.44 | 0.71 |
Per diluted share: | ||||
Cash flows from operating activities | 0.24 | 0.36 | 0.45 | 0.73 |
Funds flow from operations | 0.21 | 0.29 | 0.44 | 0.69 |
Capital Management Measures
Funds Flow from Operations
Funds flow from operations is a non-GAAP capital management measure that includes all cash generated from operating activities and is calculated before changes in non-cash working capital. The most comparable GAAP measure to funds flow from operations is cash flows from operating activities. Management considers funds flow from operations important as it helps evaluate financial performance and demonstrates the Company's ability to generate sufficient cash to fund future growth opportunities. Funds flow from operations should not be considered an alternative to, or more meaningful than, cash flows from operating activities however management finds that the impact of working capital items on the cash flows reduces the comparability of the metric from period to period. A reconciliation of funds flow from operations to cash flows from operating activities is as follows:
Three Months Ended June 30, | Six Months Ended June 30, | |||
2024 | 2023 | 2024 | 2023 | |
Cash flows from operating activities | 8,860 | 13,473 | 17,073 | 27,329 |
Add back changes in non-cash working capital | (950) | (2,426) | (650) | (1,310) |
Funds flow from operations | 7,910 | 11,047 | 16,423 | 26,019 |
Net Working Capital
Net working capital is computed as current assets less current liabilities. Net working capital is a measure of liquidity, is used to evaluate financial resources, and is calculated as follows:
As at June 30 | |||
2024 | 2023 | ||
Total current assets | 25,300 | 32,801 | |
Total current liabilities | (10,608) | (14,717) | |
Net working capital | 14,692 | 18,084 | |
Supplementary Financial Measures
" Average realized natural gas price - $/Mcf " is comprised of natural gas sales as determined in accordance with IFRS, divided by the Company's natural gas sales volumes.
" Average realized NGL – condensate price - $/bbl " is comprised of condensate sales as determined in accordance with IFRS, divided by the Company's NGL sales volumes from condensate.
" Average realized oil price - $/bbl " is comprised of oil sales as determined in accordance with IFRS, divided by the Company's oil sales volumes.
" Average realized price - $/boe " is comprised of natural gas, condensate and oil sales as determined in accordance with IFRS, divided by the Company's total natural gas, NGL and oil sales volumes (barrels of oil equivalent).
" Dividends per share " is comprised of dividends declared, as determined in accordance with IFRS, divided by the number of shares outstanding at the dividend record date.
" Royalties per boe " is comprised of royalties, as determined in accordance with IFRS, divided by the total natural gas, NGL and oil sales volumes (barrels of oil equivalent).
" Production expenses per boe " is comprised of production expenses, as determined in accordance with IFRS, divided by the total natural gas, NGL and oil sales volumes (barrels of oil equivalent).
BOE Disclosure
The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6 Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions in this news release are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.
Testing and Well Results
Data obtained from the 183-A3 well identified in this press release including net pay and porosities should be considered to be preliminary. There is no representation by Alvopetro that the data relating to the 183-A3 well contained in this press release is necessarily indicative of long-term performance or ultimate recovery. The reader is cautioned not to unduly rely on such data as such data may not be indicative of future performance of the well or of expected production or operational results for Alvopetro in the future.
Forward-Looking Statements and Cautionary Language
This news release contains forward-looking information within the meaning of applicable securities laws. The use of any of the words "will", "expect", "intend" and other similar words or expressions are intended to identify forward-looking information. Forward‐looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the expectations discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events. Accordingly, when relying on forward-looking statements to make decisions, Alvopetro cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. More particularly and without limitation, this news release contains forward-looking statements concerning the Company's intention to proceed with the NCIB, potential advantages to shareholders of the NCIB, the company's dividend policy and plans for dividends in the future, the arbitration procedures associated with the redetermination of working interests of the Unit, plans relating to the Company's operational activities, proposed exploration development activities and the timing for such activities, the expected natural gas price, gas sales and gas deliveries under Alvopetro's long-term gas sales agreement, exploration and development prospects of Alvopetro, capital spending levels, future capital and operating costs, future production and sales volumes, production allocations from the Caburé natural gas field, anticipated timing for upcoming drilling and testing of other wells, projected financial results, and sources and availability of capital. Forward-looking statements are necessarily based upon assumptions and judgments with respect to the future including, but not limited to, expectations and assumptions concerning the timing of regulatory licenses and approvals, equipment availability, the success of future drilling, completion, testing, recompletion and development activities and the timing of such activities, the performance of producing wells and reservoirs, well development and operating performance, expectations regarding Alvopetro's working interest and the outcome of any redeterminations, environmental regulation, including regulation relating to hydraulic fracturing and stimulation, the ability to monetize hydrocarbons discovered, the outlook for commodity markets and ability to access capital markets, foreign exchange rates, general economic and business conditions, forecasted demand for oil and natural gas, the impact of global pandemics, weather and access to drilling locations, the availability and cost of labour and services, the regulatory and legal environment and other risks associated with oil and gas operations. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. In addition, the declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors and may vary depending on numerous factors, including, without limitation, the Company's operational performance, available financial resources and financial requirements, capital requirements and growth plans. There can be no assurance that dividends will be paid at the intended rate or at any rate in the future. Similarly, there can be no assurance that the Company will receive approval for the NCIB and, to the extent approval is received, the decision by the Company to repurchase shares pursuant to the NCIB and the amount and timing of such repurchases is uncertain and there can be no assurance that the Company will repurchase any shares in the future. Although we believe that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because we can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, reliance on industry partners, availability of equipment and personnel, uncertainty surrounding timing for drilling and completion activities resulting from weather and other factors, changes in applicable regulatory regimes and health, safety and environmental risks), commodity price and foreign exchange rate fluctuations, market uncertainty associated with financial institution instability, and general economic conditions. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Although Alvopetro 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 Alvopetro can give no assurance that it will prove to be correct. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on factors that could affect the operations or financial results of Alvopetro are included in our AIF which may be accessed on Alvopetro's SEDAR+ profile at www.sedarplus.ca . The forward-looking information contained in this news release is made as of the date hereof and Alvopetro 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.
SOURCE Alvopetro Energy Ltd.
View original content: http://www.newswire.ca/en/releases/archive/August2024/07/c4039.html
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Alvopetro Announces June 2024 Sales Volumes
Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces June 2024 sales volumes of 1,669 boepd including natural gas sales of 9.6 MMcfpd, associated natural gas liquids sales from condensate of 67 bopd and oil sales of 10 bopd, based on field estimates. Our Q2 2024 sales averaged 1,629 boepd compared to 1,701 boepd in Q1 2024.
Natural gas, NGLs and crude oil sales: |
Corporate Presentation
Alvopetro's updated corporate presentation is available on our website at:
http://www.alvopetro.com/corporate-presentation .
Social Media
Follow Alvopetro on our social media channels at the following links:
Twitter - https://twitter.com/AlvopetroEnergy
Instagram - https://www.instagram.com/alvopetro/
LinkedIn - https://www.linkedin.com/company/alvopetro-energy-ltd
YouTube - https://www.youtube.com/channel/UCgDn_igrQgdlj-maR6fWB0w
Alvopetro Energy Ltd.'s vision is to become a leading independent upstream and midstream operator in Brazil . Our strategy is to unlock the on-shore natural gas potential in the state of Bahia in Brazil , building off the development of our Caburé and Murucututu natural gas assets and our strategic midstream infrastructure.
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 news release.
All amounts contained in this new release are in United States dollars, unless otherwise stated and all tabular amounts are in thousands of United States dollars, except as otherwise noted.
Abbreviations: | ||
boepd | = | barrels of oil equivalent ("boe") per day |
bopd | = | barrels of oil and/or natural gas liquids (condensate) per day |
BRL | = | Brazilian real |
m 3 | = | cubic metre |
m 3 /d | = | cubic metre per day |
Mcf | = | thousand cubic feet |
Mcfpd | = | thousand cubic feet per day |
MMcfpd | = | million cubic feet per day |
NGLs | = | natural gas liquids |
BOE Disclosure . The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions in this news release are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.
Forward-Looking Statements and Cautionary Language. This news release contains "forward-looking information" within the meaning of applicable securities laws. The use of any of the words "will", "expect", "intend" and other similar words or expressions are intended to identify forward-looking information. Forward‐looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the expectations discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events. Accordingly, when relying on forward-looking statements to make decisions, Alvopetro cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. More particularly and without limitation, this news release contains forward-looking information concerning the expected natural gas sales under the Company's long-term gas sales agreement. The forward‐looking statements are based on certain key expectations and assumptions made by Alvopetro, including but not limited to expectations and assumptions concerning expectations regarding natural gas demand, the success of future drilling, completion, and testing, equipment availability, the timing of regulatory licenses and approvals, recompletion and development activities, the outlook for commodity markets and ability to access capital markets, the impact of global pandemics and other significant worldwide events, the performance of producing wells and reservoirs, well development and operating performance, foreign exchange rates, general economic and business conditions, weather and access to drilling locations, the availability and cost of labour and services, environmental regulation, including regulation relating to hydraulic fracturing and stimulation, the ability to monetize hydrocarbons discovered, the regulatory and legal environment and other risks associated with oil and gas operations. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Although Alvopetro 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 Alvopetro can give no assurance that it will prove to be correct. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on factors that could affect the operations or financial results of Alvopetro are included in our annual information form which may be accessed on Alvopetro's SEDAR+ profile at www.sedarplus.ca . The forward-looking information contained in this news release is made as of the date hereof and Alvopetro 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.
SOURCE Alvopetro Energy Ltd.
View original content: http://www.newswire.ca/en/releases/archive/July2024/03/c9289.html
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Alvopetro Announces Q2 2024 Dividend of US$0.09 Per Share and Reminder of Upcoming AGM
Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces that our Board of Directors has declared a quarterly dividend of US$0.09 per common share, payable in cash on July 15, 2024 to shareholders of record at the close of business on June 28, 2024 . This dividend is designated as an "eligible dividend" for Canadian income tax purposes.
Dividend payments to non-residents of Canada will be subject to withholding taxes at the Canadian statutory rate of 25%. Shareholders may be entitled to a reduced withholding tax rate under a tax treaty between their country of residence and Canada. For further information, see Alvopetro's website at https://alvopetro.com/Dividends-Non-resident-Shareholders .
Annual General Meeting
Alvopetro's annual general and special meeting (the "Meeting") will be held on Tuesday, June 18, 2024 at the Penn West Plaza Conference Centre (Suite 211, 207 9th Avenue SW, Calgary, Alberta ) beginning at 9:30 a.m. Mountain time. All interested parties are invited to attend the Meeting, however only registered shareholders of record at the close of business on April 29, 2024 and duly appointed proxyholders will be entitled to vote at the Meeting.
We will also be broadcasting the meeting via live webcast for the interest of all shareholders. Please be advised that shareholders will not be able to vote any shares through this webcast format. Details for joining the event are as follows:
DATE: June 18, 2024
TIME : 9:30 AM Mountain/ 11:30 AM Eastern
LINK: https://us06web.zoom.us/j/83279531812 https://us06web.zoom.us/j/85643699805
DIAL-IN NUMBERS: https://us06web.zoom.us/u/kdTMTKlxry
WEBINAR ID : 856 4369 9805
Corporate Presentation
Alvopetro's updated corporate presentation is available on our website at:
http://www.alvopetro.com/corporate-presentation .
Social Media
Follow Alvopetro on our social media channels at the following links:
Twitter - https://twitter.com/AlvopetroEnergy
Instagram - https://www.instagram.com/alvopetro/
LinkedIn - https://www.linkedin.com/company/alvopetro-energy-ltd
Alvopetro Energy Ltd.'s vision is to become a leading independent upstream and midstream operator in Brazil . Our strategy is to unlock the on-shore natural gas potential in the state of Bahia in Brazil , building off the development of our Caburé natural gas field and our strategic midstream infrastructure.
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 news release.
All amounts contained in this new release are in United States dollars, unless otherwise stated and all tabular amounts are in thousands of United States dollars, except as otherwise noted.
Forward-Looking Statements and Cautionary Language. This news release contains "forward-looking information" within the meaning of applicable securities laws. The use of any of the words "will", "expect", "intend" and other similar words or expressions are intended to identify forward-looking information. Forward‐looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the expectations discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events. Accordingly, when relying on forward-looking statements to make decisions, Alvopetro cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. More particularly and without limitation, this news release contains forward-looking information concerning the Company's dividends, plans for dividends in the future, the timing and amount of such dividends and the expected tax treatment thereof. The forward‐looking statements are based on certain key expectations and assumptions made by Alvopetro, including but not limited to expectations and assumptions concerning expectations regarding natural gas demand, the performance of producing wells and reservoirs, well development and operating performance, the outcome of any disputes, the success of future drilling, completion, and testing, equipment availability, the timing of regulatory licenses and approvals, recompletion and development activities, the outlook for commodity markets and ability to access capital markets, the impact of global pandemics and other significant worldwide events, foreign exchange rates, general economic and business conditions, weather and access to drilling locations, the availability and cost of labour and services, Alvopetro's working interest in properties and the outcome of future redeterminations, environmental regulation, including regulation relating to hydraulic fracturing and stimulation, the ability to monetize hydrocarbons discovered, the regulatory and legal environment and other risks associated with oil and gas operations. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. In addition, the declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors. Although Alvopetro 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 Alvopetro can give no assurance that it will prove to be correct. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on factors that could affect the operations or financial results of Alvopetro are included in our annual information form which may be accessed on Alvopetro's SEDAR+ profile at www.sedarplus.ca . The forward-looking information contained in this news release is made as of the date hereof and Alvopetro 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.
SOURCE Alvopetro Energy Ltd.
View original content: http://www.newswire.ca/en/releases/archive/June2024/17/c5896.html
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Alvopetro Announces May 2024 Sales Volumes
Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces May 2024 sales volumes of 1,418 boepd including natural gas sales of 8.0 MMcfpd, associated natural gas liquids sales from condensate of 84 bopd and oil sales of 9 bopd, based on field estimates.
Natural gas, NGLs and crude oil sales: |
Natural gas sales in May were impacted by reduced nominations from Bahiagás resulting from temporary reductions in consumer demand. This demand reduction is expected to continue throughout much of June and nominations for the month are currently set at 8.9 MMcfpd.
Corporate Presentation
Alvopetro's updated corporate presentation is available on our website at:
http://www.alvopetro.com/corporate-presentation .
Social Media
Follow Alvopetro on our social media channels at the following links:
Twitter - https://twitter.com/AlvopetroEnergy
Instagram - https://www.instagram.com/alvopetro/
LinkedIn - https://www.linkedin.com/company/alvopetro-energy-ltd
YouTube - https://www.youtube.com/channel/UCgDn_igrQgdlj-maR6fWB0w
Alvopetro Energy Ltd.'s vision is to become a leading independent upstream and midstream operator in Brazil . Our strategy is to unlock the on-shore natural gas potential in the state of Bahia in Brazil , building off the development of our Caburé natural gas field and our strategic midstream infrastructure.
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 news release.
All amounts contained in this new release are in United States dollars, unless otherwise stated and all tabular amounts are in thousands of United States dollars, except as otherwise noted.
Abbreviations:
boepd | = | barrels of oil equivalent ("boe") per day |
bopd | = | barrels of oil and/or natural gas liquids (condensate) per day |
Mcf | = | thousand cubic feet |
Mcfpd | = | thousand cubic feet per day |
MMcfpd | = | million cubic feet per day |
NGLs | = | natural gas liquids |
BOE Disclosure . The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions in this news release are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.
Forward-Looking Statements and Cautionary Language. This news release contains "forward-looking information" within the meaning of applicable securities laws. The use of any of the words "will", "expect", "intend" and other similar words or expressions are intended to identify forward-looking information. Forward‐looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the expectations discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events. Accordingly, when relying on forward-looking statements to make decisions, Alvopetro cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. More particularly and without limitation, this news release contains forward-looking information concerning the expected natural gas sales under the Company's long-term gas sales agreement. The forward‐looking statements are based on certain key expectations and assumptions made by Alvopetro, including but not limited to expectations and assumptions concerning expectations regarding natural gas demand, the success of future drilling, completion, and testing, equipment availability, the timing of regulatory licenses and approvals, recompletion and development activities, the outlook for commodity markets and ability to access capital markets, the impact of global pandemics and other significant worldwide events, the performance of producing wells and reservoirs, well development and operating performance, foreign exchange rates, general economic and business conditions, weather and access to drilling locations, the availability and cost of labour and services, environmental regulation, including regulation relating to hydraulic fracturing and stimulation, the ability to monetize hydrocarbons discovered, the regulatory and legal environment and other risks associated with oil and gas operations. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Although Alvopetro 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 Alvopetro can give no assurance that it will prove to be correct. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on factors that could affect the operations or financial results of Alvopetro are included in our annual information form which may be accessed on Alvopetro's SEDAR+ profile at www.sedarplus.ca . The forward-looking information contained in this news release is made as of the date hereof and Alvopetro 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.
SOURCE Alvopetro Energy Ltd.
View original content: http://www.newswire.ca/en/releases/archive/June2024/04/c0639.html
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Daydream-2 Operations Update
HIGHLIGHTS
- Production logging tool (PLT) confirms contribution from upper zones
- CTU to return to site to clean out well
The Daydream-2 well has run a production logging tool (PLT) over the majority of the key stimulated zones. The run confirmed two key results from the well:
1. The upper zones are making a contribution to the flow; and
2. The lower zone is dominating the flow - fluid and some proppant in the bottom of the wellbore across the deeper zones is hampering the optimal flow rate.
Wireline rigged up on Daydream 2
As foreshadowed in the last operations update, Elixir will now bring the Coil Tubing Unit (CTU) that that is currently with Elixir’s neighboring Operator back to the well-site to undertake nitrogen lift and clean-out work.
That is anticipated to be before the end of the month (subject to the pace of operations of that neighbour). The flow testing phase of operations will be finalized thereafter.
Elixir’s Managing Director, Mr Neil Young, said: “It is very pleasing to have the PLT confirm flows from the upper stimulated zones in Daydream-2. Although a little bit frustrating, the slight delay as we wait for the return of the CTU is in fact reflective of the hectic pace of multi-operator activity in the Taroom Trough, which we can only see accelerating as the importance of this region to Australia’s gas supplies is increasingly recognised.”
Click here for the full ASX Release
This article includes content from Elixir Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Condor Energy
Overview
Condor Energy (ASX:CND) is an Australia-based oil and gas exploration company focused on developing its recently acquired Tea LXXXVI oil and gas block in Peru, located in the Tumbes basin and near the prolific Talara basin. The project’s hydrocarbon exploration potential leverages Peru’s long history as an oil and gas producer dating back to the late 19th century when the country drilled its first well more than 150 years ago.
Hydrocarbon fields in the Tumbes and Talara basins have contributed over 1.4 billion barrels of domestic oil production and 1.7 trillion cubic feet (TCF) of natural gas production. The Talara basin itself has cumulatively produced more than 1.6 billion barrels of oil and is surrounded by multiple historic and currently producing oil and gas fields.
Condor Energy’s Tea LXXXVI project is the result of a technical evaluation agreement (TEA) with the Peruvian National Agency of Hydrocarbons (Perupetro), which provides Condor Energy and its partner, US-based oil and gas exploration company Jaguar Exploration, the exclusive right for greenfield exploration activities over the TEA area. Condor Energy holds an 80-percent interest in the asset with the remaining 20 percent held by Jaguar.
The project comprises a 4,858-square-kilometer oil and gas block in proven offshore hydrocarbon-bearing basins in Peru, including the prolific Talara basin. Offshore, Peru remains dramatically underexplored and has immense potential for hydrocarbon plays.
Considering the block's potential, Condor Energy has appointed a world-class technical team with more than 200 years of collective experience to develop the TEA LXXXVI asset. Several of the newly appointed team members have previously worked on the area covered by Condor Energy, which should help in fast-tracking the development of the block. The team comprises proven oil finders with collective discoveries of more than 480 million barrels of oil equivalent of 2P reserves and more than 400 million barrels of oil equivalent in contingent resources in Peru and Colombia.
The experience of working in the TEA LXXXVI property and surrounding fields will be vital for Condor Energy to expedite the understanding and evaluation of the asset.
Company Highlights
- Condor Energy is an Australia-based oil and gas exploration company focused on developing its recently acquired oil and gas block in Peru, TEA LXXXVI
- The TEA LXXXVI project comprises a 4,858 square-kilometer oil and gas block in the proven Tumbes hydrocarbon-bearing basin offshore Peru. Condor Energy holds an 80 percent interest in the asset with the remaining 20 percent held by US-based oil and gas exploration company, Jaguar Exploration.
- The block is in proximity to multiple historic and current producing oil and gas fields. This includes the Corvina oil field, which has produced at rates of up to 4,000 barrels of oil per day, and the Alto-Pena Negra oil field which is currently producing around 3,000 barrels of oil per day, along with a total historical production of more than 143 million barrels of oil. This increases confidence regarding the hydrocarbon exploration potential of TEA LXXXVI.
- The company completed targeted reprocessing of legacy 3D seismic data on its 4,585 sq. km. Tumbes Basin Technical Evaluation Agreement (TEA or block) offshore Peru.
- A world-class technical team with more than 200 years of collective experience was appointed by Condor Energy to develop and advance the TEA LXXXVI offshore block.
- The company's other projects include the Georgina Basin project (EP-127) and the Sasanof Prospect (WA-519-P).
Key Project
TEA LXXXVI Project
This oil and gas block is located on the northwest coast of Peru in the Tumbes basin, in water depths that range from 100 meters to 1,500 meters. The project spans 4,858 square kilometers and is surrounded by historical and current producing oil and gas fields. The block includes the Corvina oil field which generated past production rates of up to 4,000 barrels of light oil per day. In the south is the Talara basin, which is one of the most productive basins in Peru having produced more than 1.6 billion barrels of oil. To the southeast is the Alto-Pena Negra oil field, one of Peru’s most productive fields, currently producing around 3,000 barrels of oil per day and with a total historical production of more than 143 million barrels of oil.
The project benefits from excellent infrastructure, including a refinery only 70 kilometers away.
Project Highlights:
- Undrilled Area in a Proven Hydrocarbon Basin System: Exploration in the early 1970s showed the presence of oil. Historical data from 2D seismic surveys and more than 3,800 square kilometers of 3D seismic surveys are available for processing.
- Seismic Reprocessing Targeting Completed: Seismic reprocessing targeting has been completed which targeted reprocessing of legacy 3D seismic data on its 4,585 sq. km. Tumbes Basin Technical Evaluation Agreement (TEA or block) offshore Peru. A total of 1,000 sq. km. of legacy 3D seismic data across three leading prospects has been completed significantly enhancing oil and gas prospectivity. Resource estimation of main prospects underway.
- Piedra Redonda Contains ‘Best Estimate’ Contingent and Prospective Resources: Covered by the company’s license area is the Piedra Redonda that contains ‘best estimate’ contingent resources of 404 billion cubic feet plus best estimate prospective resources of 2.2 trillion cubic feet of gas audited by Netherland, Sewell & Associates.
- High Potential Bonito, Volador and Raya Prospects:
- Exploration activities showed additional deeper stacked targets identified in the proven oil-bearing Zorritos Formation at Bonito.
- The company also identified the large-scale stratigraphic and structural trap potential (up to 59 square kilometers of the Raya prospect and selected an area of 400 square kilometers as the second reprocessing area.
- The 40 square-kilometer Volador prospect was identified by anomalously bright amplitudes within the Cardalitos Formation, which unconformably overlies the Zorritos Formation.
Management Team
Matt Ireland - Non-executive Chairman
Matt Ireland, a partner at Steinepreis Paganin, is a highly experienced corporate and commercial lawyer with extensive experience in corporate governance and compliance matters as well as in mining and oil & gas transactions including joint venture agreements, M&A transactions, capital raisings and asset acquisitions/disposals. Ireland graduated from Murdoch University with a Bachelor of Laws and a Bachelor of Commerce in 2002 and was admitted to the Supreme Court of New South Wales in 2003 and the Supreme Court of Western Australia in 2004.
Scott Macmillan - Non-executive Director
Scott Macmillan is the managing director and founder of Invictus Energy Limited (ASX:IVZ) which, since listing on the ASX in 2018, has seen Invictus grow substantially in value from a microcap frontier explorer to an emerging oil and gas developer. Invictus Energy is an oil and gas company opening one of the last untested large fronter rift basins in onshore Africa. Macmillan is a reservoir engineer with more than 15 years of experience in oil and gas exploration, field development planning, reserves and resources assessment, reservoir simulation, commercial valuations and business development. Before founding Invictus, Macmillan worked as a senior reservoir engineer at Woodside Energy and AWE, during which time he participated in large offshore oil and gas field operations and the development of the Waitsia Gas Field.
Ricardo Garzon Rangel – Non-executive Director
Ricardo Garzon Rangel is an industrial engineer and energy economist with over 15 years international experience in oil and gas and mineral exploration projects. As a dual Australian and Colombian citizen, Garzon Rangel has a depth of experience in Latin America and has a proven ability to establish relationships with governments and other industry participants.
Garzon Rangel has a Bachelor degree of Industrial Engineering from Universidad Distrital Francisco Jose de Caldas in Bogotá Colombia, an MSc in Energy Economics and Management from Curtin University and is a member of the Society of Petroleum Engineers (SPE).
Lloyd Flint – Company Secretary
Lloyd Flint, BAcc, FINSIA and MBA is a chartered accountant with over 25 years’ experience in the corporate and financial services arena. He has held a number of management and senior administrative positions as well as providing corporate advisory services as a consultant to corporate clients.
3D Seismic Reprocessing Complete - Significantly Enhances Prospectivity
Highlights
- Reprocessing of a total of 1,000km2 of legacy 3D seismic data across three leading prospects completed
- Data quality vastly improved, significantly enhancing oil and gas prospectivity
- Resource estimation of main prospects underway
- More than 20 prospects and leads located outside of the reprocessing areas have been identified - prospect screening and ranking process commenced
The block contains over 3,800km2 of legacy 3D seismic data, with Condor reprocessing an aggregate of 1,000km2 covering the two high potential oil prospects (Raya and Bonito) and the Piedra Redonda gas field (Figure 1).
The contract for reprocessing was awarded to Advanced Geophysical Technology (“AGT”) of Houston who have now delivered final products including Pre-Stack Time Migration and Pre-Stack Depth Migration volumes as well as derivative products used for Quantitative Interpretation (“QI”) workflows. These workflows provide enhanced insights into the lithology of subsurface rocks and the fluids they may contain.
Condor is pleased with the results of the reprocessed volumes which have improved both the quality of the seismic image and the frequency content (Figure 2). These improvements greatly enhance the quality of seismic interpretation.
Figure 2 – The reprocessed data show improvements in resolution, structural imaging and frequency content
Significantly, the production of Pre-Stack Depth Migrated volumes offers a valuable tool which allows for more accurate structural imaging and enables interpreters to work in depth compared to the original data which had only been provided in Two Way Time (“TWT”).
Condor has commenced a review of the Raya and Bonito prospects and the Piedra Redonda discovered gas field using the new reprocessed seismic and is confident that the improved 3D seismic data will enable the formulation of Resource estimates.
The Company has also identified more than 20 additional prospects and leads which lie outside of the areas selected for reprocessing, with the objective of selecting the most prospective features through a final prospect screening and ranking process.
About the Tumbes Basin TEA
A Technical Evaluation Agreement (TEA) is an oil and gas contract that provides the holder with the exclusive right to negotiate a Licence Contract over the TEA area.
In August 2023 the Company, with its partner Jaguar Exploration, Inc. (Jaguar), entered into the 4,858km2 TEA offshore Peru with Perupetro. The TEA area covers almost all of the Peruvian offshore Tumbes Basin in shallow to moderate water depths of between 50m and 1,500m.
The under-explored block is surrounded by multiple historic and currently producing oil and gas fields and contains the undeveloped shallow water Piedra Redonda gas field which contains ‘Best Estimate’ Contingent Resources of 404 Bcf (100% gross) and ‘Best Estimate’ Prospective Resources of 2.2 Tcf# (gross unrisked) of natural gas.
Condor is 80% holder of the TEA, with Jaguar and its nominees holding the remaining 20%.
#Cautionary Statement: The estimated quantities of gas that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both a risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially recoverable hydrocarbons.
Click here for the full ASX Release
This article includes content from Condor Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Charbone Hydrogen Announces Q2 2024 Financial Results
(TheNewswire)
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Brossard, Quebec, August 29, 2024 TheNewswire Charbone Hydrogen Corporation (TSXV: CH;
OTCQB: CHHYF; FSE: K47) (the "Company" or "CHARBONE"), North America's only publicly traded pure-play green hydrogen company, is pleased to announce the financial and operating results for the three and six-month periods ending June 30, 2024.
Forward progress continues to be reflected in both 2024 quarter-end financials and in project advancements, as CHARBONE's priority plan to start producing green hydrogen during the second half of 2024 remain on track.
Q2 2024 HIGHLIGHTS:
Spending decreased 19% to $1,243,876 in the six-month period ending June 30, 2024 compared to $1,536,019 in the six-month period ending June 30, 2023 (activities refocus and tightening of general and administrative expenses).
Revenue increased 48% to $182,143 in the six-month period ending June 30, 2024 compared to $123,391 in the six-month period ending June 30, 2023 (generated from the Wolf River acquisition on December 1, 2022).
The Company has closed a private financing for gross proceeds amounting to $849,622, Units for debt settlement of $352,214 and exercises of warrants/options of $245,878;
The Company also received an additional $100,000 in 2024 from Finexcorp secured convertible debentures at a deemed price of $0.10 and agreed on an extension of the $1.2 million CAD 14% (now 12%) secured convertible debentures maturity date that were issued by the Company in reducing significantly the current liabilities and with better terms; and
The Company made acquisitions of storage hydrogen equipment and upgraded its Sorel-Tracy electrolyzer capacity to 1.75MW.
Located near Montreal, Quebec, CHARBONE's Sorel-Tracy Green Hydrogen Project will serve as the Company's flagship facility, giving CHARBONE a first-mover advantage with plans to commence production later this year.
"Management's efforts to shore up and strengthen our balance sheet have been focused and deliberate. We've made significant cost-reduction headway in recent months, while still driving forward with our near-term plans to deliver a network of North American green hydrogen production facilities," said Benoit Veilleux, Chief Financial Officer and Corporate Secretary of CHARBONE . "The recent discussion with strategic partners is advancing well to help to execute CHARBONE's growth potential with our financial partners and investors, and the team feels supported and is advancing on all fronts."
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Units for debt
Further to its news release dated May 22, 2024 announcing the closing of Units for debt settlement for a total of $302,213 of suppliers' payables, the Company is pleased to announce that it has received all approval from TSX Venture Exchange to issue the shares and warrants and can confirm settlement of the debts. Also, the nature of services provided were $222,213 for accounting fees, $40,000 for legal fees and $40,000 for consulting work.
About Charbone Hydrogen Corporation
CHARBONE is an integrated green hydrogen group focused on delivering a network of modular green hydrogen production facilities across North America. Using renewable energy sources to produce green (H2) dihydrogen molecules and eco-friendly energy solutions for industrial, institutional, commercial and future mobility users, CHARBONE plans to scale and deliver green hydrogen production facilities in both the US and Canada by 2024, with an additional 14 facilities planned by 2030. CHARBONE is the only publicly traded pure-play green hydrogen company with common shares trading on the TSX Venture Exchange (TSXV: CH); the OTC Markets (OTCQB: CHHYF); and the Frankfurt Stock Exchange (FSE: K47). For more information, please visit www.charbone.com
Forward-Looking Statements
This news release contains statements that are "forward-looking information" as defined under Canadian securities laws ("forward-looking statements"). These forward-looking statements are often identified by words such as "intends", "anticipates", "expects", "believes", "plans", "likely", or similar words. The forward-looking statements reflect management's expectations, estimates, or projections concerning future results or events, based on the opinions, assumptions and estimates considered reasonable by management at the date the statements are made. Although Charbone believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements involve risks and uncertainties, and undue reliance should not be placed on forward-looking statements, as unknown or unpredictable factors could cause actual results to be materially different from those reflected in the forward-looking statements. The forward-looking statements may be affected by risks and uncertainties in the business of Charbone. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risk Factors" in the Corporation's Filing Statement dated March 31, 2022, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements.
Except as required under applicable securities legislation, Charbone undertakes no obligation to publicly update or revise forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
Contacts Charbone Hydrogen Corporation | ||||
Dave B. Gagnon | ||||
Chief Executive Officer and Chairperson of the Board | ||||
Telephone: | +1 438 844-7170 | |||
Email: | ||||
Daniel Charette | ||||
Chief Operating Officer | ||||
Telephone: | +1 438 800-4946 | |||
Email: | ||||
Benoit Veilleux | ||||
Chief Financial Officer and Corporate Secretary | ||||
Telephone: | +1 438 800-4991 | |||
Email: | ||||
Copyright (c) 2024 TheNewswire - All rights reserved.
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Charbone Hydrogene Annonce Les Resultats Financiers T2 2024
(TheNewswire)
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Brossard (Québec), le 29 août 2024 TheNewswire - CORPORATION CHARBONE HYDROGÈNE (TSXV: CH OTCQB: CHHYF, FSE: K47 ) (« Charbone » ou la « Société »), la seule société d'Amérique du Nord cotée en bourse spécialisée dans l'hydrogène vert, est heureuse d'annoncer les résultats financiers et opérationnels pour les périodes de 3 et 6 mois se terminant le 30 juin 2024.
Les progrès continuent de se refléter à la fois dans les états financiers de fin de trimestre 2024 et dans l'avancement des projets, alors que les plans prioritaires de Charbone visant à commencer à produire de l'hydrogène vert au cours du second semestre 2024 demeurent sur la bonne voie.
FAITS SAILLANTS T2 2024 :
Les dépenses ont diminué de 19% à 1 243 876 $ dans la période de six mois se terminant le 30 juin 2024 comparativement à 1 536 019 $ dans la période de six mois se terminant le 30 juin 2023 (recentrage des activités et resserrement des frais généraux et administratifs).
Les revenus ont augmenté de 48% pour atteindre 182 143 $ dans la période de six mois se terminant le 30 juin 2024, contre 123 391 $ dans la période de six mois se terminant le 30 juin 2023 (générés par l'acquisition de Wolf River le 1 er décembre 2022).
La Société a clôturé un financement privé pour un produit brut s'élevant à 849,622 $, des unités pour le règlement de dettes de 352 214 $ et l'exercice de bons de souscription/options pour 245 878 $ ;
La Société a également reçu un montant supplémentaire de 100 000 $ en 2024 de Finexcorp en débentures convertibles garanties à un prix réputé de 0,10 $ et convenu d'une prolongation de la date d'échéance des débentures convertibles garanties à 14 % (maintenant à 12 %) de 1,2 million de dollars canadiens qui ont été émises par la Société, réduisant considérablement les passifs à court terme et avec de meilleures conditions ; et
La Société a fait l'acquisitions d'équipement de stockage d'hydrogène et a augmenté la capacité de son électrolyseur de Sorel-Tracy à 1,75 MW.
Situé près de Montréal, au Québec, son projet d'hydrogène vert à Sorel-Tracy, servira d'installation phare de la Société, donnant à Charbone l'avantage du premier arrivé avec la production débutant plus tard cette année.
"L es efforts de la direction pour consolider et renforcer notre bilan ont été ciblés et délibérés. Nous avons réalisé d'importants progrès en matière de réduction des coûts au cours des derniers mois, tout en poursuivant nos plans à court terme visant à mettre en place un réseau d'usines de production d'hydrogène vert en Amérique du Nord , a déclaré Benoit Veilleux, Chef de la direction financière et secrétaire corporatif de Charbone. " Les récentes discussions avec les partenaires stratégiques avancent bien pour aider à exploiter le potentiel de croissance de Charbone avec nos partenaires financiers et investisseurs, et l'équipe se sent soutenue et avance sur tous les fronts . "
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Unités pour règlement de dettes
À la suite de son communiqué de presse daté du 22 mai 2024 annonçant la clôture d'unités pour règlement de dettes pour un total de 302 213 $ de dettes de fournisseurs, la Société est heureuse d'annoncer qu'elle a reçu toutes les approbations de la Bourse de croissance TSX pour émettre les actions et les bons de souscription et peut confirmer le règlement des dettes. De plus, la nature des services fournis était de 222 213 pour frais de comptabilité, 40 000 $ pour des frais juridiques et de 40 000 $ pour des travaux de consultation.
À propos de Charbone Hydrogène Corporation
Charbone est un groupe intégré de production d'hydrogène vert axé sur le déploiement d'un réseau nord-américain d'usines de production. En utilisant des énergies renouvelables pour produire des molécules de dihydrogène (H2) et des solutions écoénergétiques et respectueuses de l'environnement aux utilisateurs industriels, institutionnels, commerciaux et de la mobilité future, Charbone prévoit déployer et livrer des usines de production d'hydrogène vert aux États-Unis et au Canada d'ici 2024, et 14 usines supplémentaires sont prévues d'ici 2030. Charbone est la seule société d'Amérique du Nord cotée en bourse spécialisée dans l'hydrogène vert avec ses actions ordinaires se négociant sur la Bourse de croissance TSX (TSXV: CH); les marchés OTC (OTCQB: CHHYF); et la Bourse de Francfort (FSE: K47). Pour plus d'information, merci de visiter www.charbone.com .
Énoncés prospectifs
Le présent communiqué de presse contient des énoncés qui constituent de « l'information prospective » au sens des lois canadiennes sur les valeurs mobilières (« déclarations prospectives »). Ces déclarations prospectives sont souvent identifiées par des mots tels que « a l'intention », « anticipe », « s'attend à », « croit », « planifie », « probable », ou des mots similaires. Les déclarations prospectives reflètent les attentes, estimations ou projections respectives de la direction de Charbone concernant les résultats ou événements futurs, sur la base des opinions, hypothèses et estimations considérées comme raisonnables par la direction à la date à laquelle les déclarations sont faites. Bien que Charbone estime que les attentes exprimées dans les déclarations prospectives sont raisonnables, les déclarations prospectives comportent des risques et des incertitudes, et il ne faut pas se fier indûment aux déclarations prospectives, car des facteurs inconnus ou imprévisibles pourraient faire en sorte que les résultats réels soient sensiblement différents de ceux exprimés dans les déclarations prospectives. Des risques et des incertitudes liés aux activités de Charbone peuvent avoir une incidence sur les déclarations prospectives. Ces risques, incertitudes et hypothèses comprennent, sans s'y limiter, ceux décrits à la rubrique « Facteurs de risque » dans la déclaration de changement à l'inscription de la Société datée du 31 mars 2022, qui peut être consultée sur SEDAR à l'adresse www.sedar.com; ils pourraient faire en sorte que les événements ou les résultats réels diffèrent sensiblement de ceux prévus dans les déclarations prospectives.
Sauf si les lois sur les valeurs mobilières applicables l'exigent, Charbone ne s'engage pas à mettre à jour ni à réviser les déclarations prospectives.
Ni la Bourse de croissance TSX ni son fournisseur de services de réglementation (tel que ce terme est défini dans les politiques de la Bourse de croissance TSX) n'acceptent de responsabilité quant à la pertinence ou à l'exactitude du présent communiqué.
Contacts
Pour de plus amples informations, veuillez contacter :
Dave B. G agnon | ||
Chef de la direction et président du conseil d'administration | ||
Corporation Charbone Hydrogène | ||
Téléphone bureau: +1 438 844-7170 | ||
Courriel: dg@charbone.com | ||
Daniel Charette | ||
Chef de l'exploitation | ||
Corporation Charbone Hydrogène | ||
Téléphone bureau : +1 438 800-4946 | ||
Courriel: dc@charbone.com | ||
Benoit Veilleux | ||
Chef de la direction financière et secrétaire corporatif | ||
Corporation Charbone Hydrogène | ||
Téléphone bureau: +1 438 800-4991 | ||
Courriel: bv@charbone.com |
Copyright (c) 2024 TheNewswire - All rights reserved.
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