Welcome!

Microsoft Cloud Authors: Pat Romanski, Lori MacVittie, Andreas Grabner, Jim Kaskade, John Basso

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
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Unsecured IoT devices were used to launch crippling DDOS attacks in October 2016, targeting services such as Twitter, Spotify, and GitHub. Subsequent testimony to Congress about potential attacks on office buildings, schools, and hospitals raised the possibility for the IoT to harm and even kill people. What should be done? Does the government need to intervene? This panel at @ThingExpo New York brings together leading IoT and security experts to discuss this very serious topic.
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
"Dice has been around for the last 20 years. We have been helping tech professionals find new jobs and career opportunities," explained Manish Dixit, VP of Product and Engineering at Dice, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"At ROHA we develop an app called Catcha. It was developed after we spent a year meeting with, talking to, interacting with senior citizens watching them use their smartphones and talking to them about how they use their smartphones so we could get to know their smartphone behavior," explained Dave Woods, Chief Innovation Officer at ROHA, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for ...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...