Coelacanth Announces Q4 2023 Financial and Operating Results
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Coelacanth Energy Inc. announces its Q4 2023 financial and operating results, highlighting successful drilling activities, completion of wells, and significant financing activities. The company reported positive test production results and closed a bought-deal public financing, ending 2023 with adjusted working capital of $67.6 million. The operational update for Two Rivers East and Two Rivers West showcases productive quarters with successful pad completions and production commencements. The common-control transaction with Leucrotta Exploration Inc. and Vermilion Energy Inc. closed in May 2022, transferring assets to Coelacanth. The financial and operational results demonstrate growth and progress in the company's strategic initiatives.
Coelacanth Energy Inc. annuncia i risultati finanziari e operativi del quarto trimestre del 2023, evidenziando attività di perforazione di successo, completamento di pozzi e significative attività di finanziamento. La società ha riportato risultati positivi nei test di produzione e ha chiuso un finanziamento pubblico tramite collocamento garantito, terminando il 2023 con un capitale circolante rettificato di 67,6 milioni di dollari. L'aggiornamento operativo per Two Rivers East e Two Rivers West mostra trimestri produttivi con il successo nel completamento dei pad e l'inizio della produzione. La transazione sotto controllo comune con Leucrotta Exploration Inc. e Vermilion Energy Inc. si è conclusa nel maggio 2022, con il trasferimento di asset a Coelacanth. I risultati finanziari e operativi dimostrano crescita e progresso nelle iniziative strategiche dell'azienda.
Coelacanth Energy Inc. anuncia sus resultados financieros y operativos del cuarto trimestre de 2023, destacando actividades exitosas de perforación, terminación de pozos y actividades de financiamiento significativas. La compañía reportó resultados positivos en las pruebas de producción y cerró una financiación pública mediante un acuerdo de compra, finalizando el 2023 con un capital de trabajo ajustado de $67.6 millones. La actualización operativa para Two Rivers East y Two Rivers West muestra trimestres productivos con la finalización exitosa de plataformas y el comienzo de la producción. La transacción de control común con Leucrotta Exploration Inc. y Vermilion Energy Inc. se cerró en mayo de 2022, transfiriendo activos a Coelacanth. Los resultados financieros y operativos demuestran crecimiento y progreso en las iniciativas estratégicas de la compañía.
코엘라칸스 에너지 주식회사는 2023년 4분기 재무 및 운영 결과를 발표하며, 성공적인 시추 활동, 우물 완공 및 중요한 재무 활동을 강조했습니다. 회사는 긍정적인 시험 생산 결과를 보고하고 매입 계약 공개 금융을 마감하여 2023년을 조정된 운전 자본 6천7백6십만 달러로 마무리했습니다. 투 리버스 이스트(Two Rivers East)와 투 리버스 웨스트(Two Rivers West)의 운영 업데이트는 성공적인 패드 완성과 생산 개시로 생산적인 분기를 보여줍니다. 류크로타 탐사 주식회사(Leucrotta Exploration Inc.) 및 버밀리온 에너지 주식회사(Vermilion Energy Inc.)와의 공동 통제 거래는 2022년 5월에 마감되어 자산이 코엘라칸스에 이전되었습니다. 재무 및 운영 결과는 회사의 전략적 이니셔티브에서의 성장과 진전을 보여줍니다.
Coelacanth Energy Inc. annonce ses résultats financiers et opérationnels pour le quatrième trimestre de 2023, soulignant des activités de forage réussies, l'achèvement de puits et des activités de financement significatives. La société a rapporté des résultats positifs de production test et a clôturé un financement public par prise ferme, terminant l'année 2023 avec un fonds de roulement ajusté de 67,6 millions de dollars. La mise à jour opérationnelle pour Two Rivers East et Two Rivers West montre des trimestres productifs avec la réussite de l'achèvement des pads et le début de la production. La transaction de contrôle commun avec Leucrotta Exploration Inc. et Vermilion Energy Inc. s'est conclue en mai 2022, transférant des actifs à Coelacanth. Les résultats financiers et opérationnels démontrent la croissance et les progrès dans les initiatives stratégiques de l'entreprise.
Coelacanth Energy Inc. gibt seine finanziellen und betrieblichen Ergebnisse für das vierte Quartal 2023 bekannt und hebt erfolgreiche Bohraktivitäten, Fertigstellung von Brunnen und bedeutende Finanzierungsaktivitäten hervor. Das Unternehmen berichtete von positiven Testproduktionsergebnissen und schloss eine öffentliche Finanzierung durch ein Bought-Deal ab, womit es das Jahr 2023 mit einem angepassten Betriebskapital von 67,6 Millionen Dollar beendete. Das operative Update für Two Rivers East und Two Rivers West zeigt produktive Quartale mit erfolgreichen Pad-Fertigstellungen und Produktionsbeginnen. Die gemeinsame Kontrolltransaktion mit Leucrotta Exploration Inc. und Vermilion Energy Inc. wurde im Mai 2022 abgeschlossen und übertrug Vermögenswerte an Coelacanth. Die finanziellen und betrieblichen Ergebnisse zeigen Wachstum und Fortschritte in den strategischen Initiativen des Unternehmens.
Positive
- Positive: Successful drilling activities and completion of wells at Two Rivers East and Two Rivers West resulted in combined test production of 4,015 boe/d and 1,284 boe/d, respectively.
- Positive: Closed a bought-deal public financing in Q4 2023, raising gross proceeds of $80.0 million, and a non-brokered private placement for aggregate proceeds of $1.5 million.
- Positive: Ended 2023 with adjusted working capital of $67.6 million, showcasing financial stability and liquidity for future operations.
- Negative: Cash flow used in operating activities decreased by 36% in Q4 2023 compared to the previous year, indicating a potential decrease in operational efficiency.
- Negative: Net loss increased by 3% in Q4 2023 compared to the previous year, signaling financial challenges that need to be addressed.
- Negative: Operating expenses for oil and NGLs increased by 32% in Q4 2023, potentially impacting overall profitability and margins.
Negative
- Revenue from oil and natural gas sales decreased by 15% in 2023 compared to the previous year, reflecting a decline in overall sales performance.
- Adjusted funds flow used increased by 5% in 2023 compared to the previous year, indicating potential financial constraints or inefficiencies.
- Capital expenditures surged by 437% in 2023 compared to the previous year, raising concerns about increased spending without proportional revenue growth.
Calgary, Alberta--(Newsfile Corp. - April 18, 2024) - COELACANTH ENERGY INC. (TSXV: CEI) ("Coelacanth" or the "Company") is pleased to announce its financial and operating results for the three months and year ended December 31, 2023. All dollar figures are Canadian dollars unless otherwise noted.
2023 HIGHLIGHTS
- Drilled five wells on its 5-19 pad at Two Rivers East. Four wells (three Lower Montney and one Basal Montney) were completed in Q4 2023. Combined test production from the three Lower Montney wells was 4,015 boe/d (
54% light oil). (2)
- Completed two Upper Montney wells on its 10-08 pad at Two Rivers West and commenced production in Q4 2023. C10-08 was recently re-tested after four months of production at an unrestricted rate of 1,284 boe/d (
35% light oil and NGLs). (2)
- Closed a bought-deal public financing in Q4 2023 raising gross proceeds of
$80.0 million .
- Exited 2023 with adjusted working capital (2) of
$67.6 million .
Financial and operational results below present the carved-out historic financial position, results of operations and cash flows of Leucrotta's Two Rivers Assets for all prior periods up to and including May 31, 2022 and the results of operations from May 31, 2022 forward include the results of Coelacanth after assuming the Two Rivers Assets upon close of the Arrangement.
| FINANCIAL RESULTS | Three Months Ended | Year Ended | ||||||||||||||||
| December 31 | December 31 | |||||||||||||||||
| ( | 2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||
| Oil and natural gas sales | 4,204 | 1,676 | 151 | 6,663 | 7,833 | (15 | ) | |||||||||||
| Cash flow used in operating activities | (404 | ) | (636 | ) | (36 | ) | (4,234 | ) | (9,741 | ) | (57 | ) | ||||||
| Per share - basic and diluted (1) | (-) | (-) | - | (0.01 | ) | (0.03 | ) | (67 | ) | |||||||||
| Adjusted funds flow (used) (1) | 1,750 | (60 | ) | (3,017 | ) | (333 | ) | (350 | ) | (5 | ) | |||||||
| Per share - basic and diluted | - | (-) | - | (-) | (-) | - | ||||||||||||
| Net loss | (750 | ) | (725 | ) | 3 | (6,573 | ) | (11,163 | ) | (41 | ) | |||||||
| Per share - basic and diluted | (-) | (-) | - | (0.01 | ) | (0.03 | ) | (67 | ) | |||||||||
| Capital expenditures (1) | 34,656 | 8,876 | 290 | 74,613 | 13,904 | 437 | ||||||||||||
| Adjusted working capital (1) | 67,589 | 67,738 | (-) | |||||||||||||||
| Common shares outstanding (000s) | ||||||||||||||||||
| Weighted average - basic and diluted | 478,731 | 425,106 | 13 | 439,055 | 363,743 | 21 | ||||||||||||
| End of period - basic | 528,650 | 425,106 | 24 | |||||||||||||||
| End of period - fully diluted | 609,989 | 461,955 | 32 | |||||||||||||||
(1) See "Non-GAAP and Other Financial Measures" section.
(2) See "Test Results and Initial Production Rates" section.
| Three Months Ended | Year Ended | |||||||||||||||||
| OPERATING RESULTS (1) | December 31 | December 31 | ||||||||||||||||
| 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||
| Daily production (2) | ||||||||||||||||||
| Oil and condensate (bbls/d) | 419 | 55 | 662 | 139 | 62 | 124 | ||||||||||||
| Other NGLs (bbls/d) | 28 | 15 | 87 | 16 | 18 | (11 | ) | |||||||||||
| Oil and NGLs (bbls/d) | 447 | 70 | 539 | 155 | 80 | 94 | | |||||||||||
| Natural gas (mcf/d) | 2,858 | 1,468 | 95 | 1,624 | 1,614 | 1 | ||||||||||||
| Oil equivalent (boe/d) | 923 | 315 | 193 | 426 | 349 | 22 | | |||||||||||
| Oil and natural gas sales | ||||||||||||||||||
| Oil and condensate ($/bbl) | 87.38 | 103.34 | (15 | ) | 88.94 | 116.29 | (24 | ) | ||||||||||
| Other NGLs ($/bbl) | 32.32 | 45.14 | (28 | ) | 33.22 | 49.98 | (34 | ) | ||||||||||
| Oil and NGLs ($/bbl) | 83.88 | 91.33 | (8 | ) | 83.28 | 101.64 | (18 | ) | ||||||||||
| Natural gas ($/mcf) | 2.86 | 8.03 | (64 | ) | 3.26 | 8.26 | (61 | ) | ||||||||||
| Oil equivalent ($/boe) | 49.47 | 57.83 | (14 | ) | 42.82 | 61.48 | (30 | ) | ||||||||||
| Royalties | ||||||||||||||||||
| Oil and NGLs ($/bbl) | 19.38 | 24.88 | (22 | ) | 20.24 | 31.22 | (35 | ) | ||||||||||
| Natural gas ($/mcf) | 0.26 | 2.08 | (88 | ) | 0.57 | 2.24 | (75 | ) | ||||||||||
| Oil equivalent ($/boe) | 10.20 | 15.25 | (33 | ) | 9.57 | 17.50 | (45 | ) | ||||||||||
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FAQ
What were the financial and operating highlights for Coelacanth in Q4 2023?
Coelacanth Energy Inc. reported positive test production results and closed a bought-deal public financing, ending 2023 with adjusted working capital of $67.6 million.
What was the outcome of the common-control transaction involving Coelacanth, Leucrotta Exploration Inc., and Vermilion Energy Inc.?
The common-control transaction closed in May 2022, transferring assets to Coelacanth and demonstrating growth and progress in the company's strategic initiatives.
How did Coelacanth's financial performance change in Q4 2023 compared to the previous year?
Coelacanth's cash flow used in operating activities decreased by 36% in Q4 2023, while the net loss increased by 3% during the same period.
What negative aspects were highlighted in the financial results for Coelacanth in 2023?
Revenue from oil and natural gas sales decreased by 15% in 2023, adjusted funds flow used increased by 5%, and capital expenditures surged by 437% compared to the previous year.
COELACANTH ENERGY INC
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