From strength to strength8 Jan 2025 13:42
Https://www.londonstockexchange.com/news-article/market-news/q4-2024-ops-financial-update-2025-guidance/16842044
Record oil production, averaging 26,109 bbls/d in Q4 2024, resulting in full year average oil production of 22,825 bbls/d(1);
· 2.95 million bbls of oil sold in Q4 2024, with 8.35 million bbls for the full year 2024;
· Q4 average price realisations of US$76.7/bbl, resulting in Q4 revenue of US$226 million, or US$679 million for the full year 2024;
· Cash at December 31, 2024 of US$259.4 million, and no debt;
· Completion of an internal restructuring of the Company's Thailand subsidiary companies, giving rise to operating and tax efficiencies from November 5, 2024 onward;
· Continued success in development and appraisal drilling including completion of a five well programme on the Jasmine asset;
· Ongoing strong safety performance, with no lost time injuries in 2024;
· Recorded a 17% reduction in greenhouse gas ("GHG") emissions intensity for the full year 2024, compared to the previous year; and
· Repurchase of 348,400 shares in Q4 2024, following the commencement of the Company's normal course issuer bid ("NCIB") in mid-November 2024.
2025 Guidance Highlights
· Full year oil production of 23,000 - 25,500 bbls/d(1);
· Capex of US$125 - 150 million;
· Exploration Expense of approximately US$11 million; and
· Adjusted Opex of US$215 - 245 million (of which US$33 million relates to leases)(2).
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