Welcome!

.NET Authors: Yeshim Deniz, Carmen Gonzalez, Greg O'Connor, Pat Romanski, Elizabeth White

News Feed Item

Molopo Energy Limited : Quarterly Report for the 3 Months Ended 31 December 2012

CALGARY, ALBERTA -- (Marketwire) -- 01/30/13 -- Molopo Energy Limited (ASX:MPO)

Highlights


--  Corporate production averaged 917 barrels of oil equivalent per day
    (boe/d) during the Quarter, 124% higher than the 409 boe/d produced in
    the prior quarter. Production was comprised of 65% oil and natural gas
    liquids (NGLs) and 35% natural gas; 
    
--  Announced preliminary and 30 day results from Baggett 54-1H, the first
    Bench B well drilled in Fiesta, which were consistent with the two Bench
    A wells previously drilled in the area; 
    
--  Divested its interest in the Queensland natural gas assets on 1 November
    for gross proceeds of AUD$41 million plus a AUD$2.4 million adjustment
    for working capital; 
    
--  Continued to maintain a very strong balance sheet with an estimated
    US$71 million in cash at the end of the Quarter, which will
    significantly contribute to the execution of Molopo's go forward
    strategy; and 
    
--  Subsequent to the end of the quarter, announced the appointment of Mr.
    Steven Cloutier as Chief Executive Officer and Managing Director
    effective 17 January 2013.

Update for Second Quarter Ended 31 December 2012 and January 2013 Monthly Update

OPERATIONS

Molopo invested all US$22.3 million of its capital program during the Quarter to drilling and completing the final 2 wells of its 2012 program in the Wolfcamp formation in West Texas, as well as some additional completion costs from wells drilled in the prior Quarter. The first Bench B well in Fiesta, Baggett 54-1H, was drilled and completed through October and November, with results announced in December that were consistent with earlier Bench A wells drilled. The sixth and final well in the 2012 program, Linthicum Washington 24-2H in Barnhart, was drilled and completed through November and December and commenced flow-back on 30 December 2012. Since coming on production, 24-2H achieved a peak 24 hour rate of 456 boe/d comprised of 45% oil & NGL's, and 55% natural gas.

For the month of December, production was 931 boe/d, weighted approximately 63% to light, sweet crude oil and liquids, and 37% to natural gas, with Texas contributing 87% and Saskatchewan contributing the balance. Molopo's average production through the Quarter of 917 boe/d was comprised of approximately 65% light, sweet crude oil and liquids, and 35% natural gas, with Texas contributing 85% and the balance from Saskatchewan.

Molopo is currently focused on developing a capital budget for 2013 which builds on all the asset development knowledge gained in 2012. This is expected to be finalized, approved and communicated to shareholders within the first quarter.

CORPORATE

On 1 November 2012 Molopo closed its previously announced sale of its Queensland asset for gross proceeds of AUD$41 million plus a AUD$2.4 million working capital adjustment. At the end of the Quarter, Molopo's cash balance was approximately US$71 million, and the Company has no debt.

In order to position Molopo more favorably in North American operating and financial markets, the Company's financial year end was changed to 31 December from 30 June, and its presentational currency was changed from Australian to US dollars effective 1 July 2012. As a result of the change to year end, Molopo will report stub year financial statements for the 6 month period from 30 June to 31 December 2012, and report its full year results as at each 31 December year end thereafter. Molopo's 2013 Annual General Meeting (AGM) will be held on 23 May 2013.

With the view to delivering a strategy of maximizing the return to shareholders from the Company's current assets, the Board of Directors appointed Mr. Steven Cloutier as Chief Executive Officer and Managing Director of Molopo subsequent to the end of the Quarter, succeeding Mr. Tim Granger. In concert with a special Board committee, Mr. Cloutier is working to develop and implement a renewed approach to executing on the organization's North American strategy, including a capital budget for 2013.


QUARTERLY FINANCIAL & PRODUCTION SUMMARY                                    
                                                                            
----------------------------------------------------------------------------
Figures are Molopo net                      Three Months Three Months       
 in US dollars                              Ended 31 Dec Ended 30 Sep Change
 (accruals basis)      CANADA     USA OTHER          '12          '12      %
----------------------------------------------------------------------------
Exploration &                                                               
 development                                                                
 expenditure                                                                
 incurred(1)($'000)         -  22,254     -       22,254       25,762  (14%)
----------------------------------------------------------------------------
Sales Volume (Boe)     12,416  71,935     -       84,351       36,895   129%
----------------------------------------------------------------------------
Sales                                                                       
 Proceeds(1)($'000)       994   3,018     -        4,012        2,492    61%
----------------------------------------------------------------------------
(1) Sales proceeds is the gross amount from production before royalties and 
    operating costs.                                                        

To access the Appendix 5B, please visit the ASX Announcements page of Molopo's website at www.molopo.com.au.

JANUARY OPERATIONAL UPDATE

No new drilling activity was undertaken through the month. Until Molopo has confirmed and communicated its 2013 budget, operational activities will be limited to maintaining existing wells with a view to optimizing production.

Molopo will provide future operational updates on its development activities on a quarterly basis or as circumstances warrant, in accordance with ASX policies.


----------------------------------------------------------------------------
----------------------------------------------------------------------------
About Molopo Energy Limited           Molopo Energy Snapshot                
                                                                            
Molopo Energy Limited is an oil and   ASX Code: MPO                         
gas exploration and production        Share Price(1): AUD$0.33              
company listed on ASX under code      Market Cap(1): AUD$81MM               
'MPO', with management based in       Net Cash(2): US$71MM                  
Calgary, Alberta, Canada. Supported                                         
by a strong balance sheet, the        1. Market figures as at 30 January    
Company has been predominantly        2013                                  
focused on the development of its     2. Balance sheet amounts as at 31     
Wolfcamp shale oil resource play in   December 2012                         
the Permian Basin, Texas, USA. In                                           
addition, Molopo also has oil assets                                        
in Saskatchewan, Canada; an onshore                                         
gas project in South Africa, and a                                          
shale gas asset in Quebec, Canada.                                          
----------------------------------------------------------------------------
----------------------------------------------------------------------------

This press release contains certain forward-looking statements. These statements relate to future events or future performance of the Company. When used in this press release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "predict", "seek", "propose", "expect", "potential", "continue", and similar expressions, are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company's current views with respect to certain events, and are subject to a number of risks, uncertainties and assumptions. Many factors could cause Molopo's actual results, performance, or achievements to materially differ from those described in this press release. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in other public disclosures made by the Company or this press release as intended, planned, anticipated, believed, estimated, or expected. Furthermore, statements relating to "reserves" or "resources" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the resources and reserves described can be produced profitably in the future. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary declaration. These statements speak only as of the date of this press release. The Company does not intend and does not assume any obligation, to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories

SUNNYVALE, Calif., Oct. 20, 2014 /PRNewswire/ -- Spansion Inc. (NYSE: CODE), a global leader in embedded systems, today added 96 new products to the Spansion® FM4 Family of flexible microcontrollers (MCUs). Based on the ARM® Cortex®-M4F core, the new MCUs boast a 200 MHz operating frequency and support a diverse set of on-chip peripherals for enhanced human machine interfaces (HMIs) and machine-to-machine (M2M) communications. The rich set of periphera...

The Internet of Things (IoT) is making everything it touches smarter – smart devices, smart cars and smart cities. And lucky us, we’re just beginning to reap the benefits as we work toward a networked society. However, this technology-driven innovation is impacting more than just individuals. The IoT has an environmental impact as well, which brings us to the theme of this month’s #IoTuesday Twitter chat. The ability to remove inefficiencies through connected objects is driving change throughout every sector, including waste management. BigBelly Solar, located just outside of Boston, is trans...
SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.
Predicted by Gartner to add $1.9 trillion to the global economy by 2020, the Internet of Everything (IoE) is based on the idea that devices, systems and services will connect in simple, transparent ways, enabling seamless interactions among devices across brands and sectors. As this vision unfolds, it is clear that no single company can accomplish the level of interoperability required to support the horizontal aspects of the IoE. The AllSeen Alliance, announced in December 2013, was formed with the goal to advance IoE adoption and innovation in the connected home, healthcare, education, aut...
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, a...
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic strategies that utility/cloud computing provides. Whether public, private, or in a hybrid form, clo...
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
Be Among the First 100 to Attend & Receive a Smart Beacon. The Physical Web is an open web project within the Chrome team at Google. Scott Jenson leads a team that is working to leverage the scalability and openness of the web to talk to smart devices. The Physical Web uses bluetooth low energy beacons to broadcast an URL wirelessly using an open protocol. Nearby devices can find all URLs in the room, rank them and let the user pick one from a list. Each device is, in effect, a gateway to a web page. This unlocks entirely new use cases so devices can offer tiny bits of information or simple i...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, will address the big issues involving these technologies and, more important, the results they will achieve. How important are public, private, and hybrid cloud to the enterprise? How does one define Big Data? And how is the IoT tying all this together?
TechCrunch reported that "Berlin-based relayr, maker of the WunderBar, an Internet of Things (IoT) hardware dev kit which resembles a chunky chocolate bar, has closed a $2.3 million seed round, from unnamed U.S. and Switzerland-based investors. The startup had previously raised a €250,000 friend and family round, and had been on track to close a €500,000 seed earlier this year — but received a higher funding offer from a different set of investors, which is the $2.3M round it’s reporting."
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital busines...
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water, are pursuing SmartGrid initiatives that represent one of the more mature examples of SAE. We have s...
The Internet of Things needs an entirely new security model, or does it? Can we save some old and tested controls for the latest emerging and different technology environments? In his session at Internet of @ThingsExpo, Davi Ottenheimer, EMC Senior Director of Trust, will review hands-on lessons with IoT devices and reveal privacy options and a new risk balance you might not expect.
IoT is still a vague buzzword for many people. In his session at Internet of @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, will discuss the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. The presentation will also discuss how IoT is perceived by investors and how venture capitalist access this space. Other topics to discuss are barriers to success, what is new, what is old, and what the future may hold.
Swiss innovators dizmo Inc. launches its ground-breaking software, which turns any digital surface into an immersive platform. The dizmo platform seamlessly connects digital and physical objects in the home and at the workplace. Dizmo breaks down traditional boundaries between device, operating systems, apps and software, transforming the way users work, play and live. It supports orchestration and collaboration in an unparalleled way enabling any data to instantaneously be accessed on any surface, anywhere and made interactive. Dizmo brings fantasies as seen in Sci-fi movies such as Iro...
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other mach...
This Internet of Nouns trend is still in the early stages and many of our already connected gadgets do provide human benefits over the typical infotainment. Internet of Things or IoT. You know, where everyday objects have software, chips, and sensors to capture data and report back. Household items like refrigerators, toilets and thermostats along with clothing, cars and soon, the entire home will be connected. Many of these devices provide actionable data - or just fun entertainment - so people can make decisions about whatever is being monitored. It can also help save lives.