OUTLOOK
On Block 11B/12B, the Company and its joint venture partners are contemplating an early production system ("EPS") for a phased development of the Paddavissie Fairway. The joint venture is currently performing development studies and preparing a field development plan and an environmental application with the intention of agreeing gas terms and submitting an application for a Production Right before the Exploration Right expires in
On Block 2B, the Company and its joint venture partners tendered for a semi-submersible rig and completed a seabed survey in preparation for drilling the Gazania-1 well. The operator,
HIGHLIGHTS
- At
September 30, 2021 , the Company had$11.8 million in cash and no debt. - The Block 11B/12B1 joint venture is conducting a full prospect analysis from the fully-processed 2D seismic dataset acquired by Shearwater over the eastern part of the block (7,033 linear kilometers) that was received in
September 2020 . The initial technical analysis has identified multiple prospects and leads with potential direct hydrocarbon indicators within the Kloofpadda Play Trend that are currently being matured for potential future exploration drilling. - The Block 11B/12B joint venture received the final fully-processed merged 3D data that integrates the PGS and Polarcus surveys over the Paddavissie Fairway in the first quarter of 2021 (2,305 square kilometers from PGS and 570 square kilometers from Polarcus). The improved quality of the fully-processed 3D volume, resulting in higher resolution, is expected to further reduce exploration risk. The final 3D volume has been integrated with the drilling and testing results to facilitate development studies. The initial technical analysis has identified multiple additional prospects within the greater Paddavissie Fairway with amplitudes conforming to structure that improve the potential development.
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1 Africa Energy owns 49% of the common shares and 100% of the Class B shares of |
FINANCIAL INFORMATION
(Unaudited; thousands of US dollars, except per share amounts)
Three | Three | Nine | Nine | |
Months | Months | Months | Months | |
Ended | Ended | Ended | Ended | |
2021 | 2020 | 2021 | 2020 | |
Operating expenses | 555 | 1,138 | 3,634 | 3,553 |
Net loss | (582) | (1,098) | (3,623) | (3,558) |
Net loss per share (basic and diluted) | (0.00) | (0.00) | (0.00) | (0.00) |
Weighted average number of shares outstanding (basic and diluted) | 1,395,923 | 798,067 | 1,395,597 | 779,309 |
Number of shares outstanding | 1,395,923 | 883,940 | 1,395,923 | 883,940 |
Cash flows provided by (used in) operations | (708) | (698) | (3,504) | (2,363) |
Cash flows provided by (used in) investing | (1,232) | (14,455) | (4,372) | (13,106) |
Cash flows provided by (used in) financing | (8) | 27,811 | 27 | 52,295 |
Total change in cash and cash equivalents | (1,980) | 12,679 | (7,860) | 36,698 |
Change in share capital | - | 28,536 | 90 | 53,467 |
Change in contributed surplus | 42 | (526) | 202 | (144) |
Change in deficit | 582 | 1,098 | 3,623 | 3,558 |
Total change in equity | (540) | 26,912 | (3,331) | 49,765 |
2021 | 2020 | |||
Cash and cash equivalents | 11,783 | 19,643 | ||
Total assets | 240,501 | 244,034 | ||
Total liabilities | 1,594 | 1,796 | ||
Total equity attributable to common shareholders | 238,907 | 242,238 | ||
Net working capital | 10,551 | 18,193 |
The financial information in this table was selected from the Company's unaudited consolidated financial statements for the three and nine months ended
EARNINGS TREND AND FINANCIAL POSITION
(Unaudited; US dollars)
Operating expenses decreased by
Operating expenses increased by
At
NEXT EARNINGS REPORT RELEASE
The Company plans to report results for the year ended
About
Important information
This is information that
The Company's certified advisor on Nasdaq First North Growth Market is
Forward looking statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or the Company's future performance, business prospects and opportunities, which are based on assumptions of management.
The use of any of the words "will", "expected", "planned" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of certain future events. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, including results, timing and costs of seismic and drilling activity in the Company's area of operations and, uninsured risks, regulatory changes, defects in title, availability of funds required to participate in the exploration activities, or of financing on reasonable terms, availability of materials and equipment on satisfactory terms, outcome of commercial negotiations with government and other regulatory authorities, timeliness of government or other regulatory approvals, actual performance of facilities, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information.
Neither
SOURCE
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