Wow RNS28 Feb 2019 07:12
Materially increased production and reserves through acquisition:
◦ Average daily production of 41,000 Boe/day up ~7x (2017: 6,600 Boe/day)
◦ Exit rate of 70,000 Boe per day for the quarter ended 31 December 2018 up ~7x (2017: 10,400)
◦ 474 MMboe of 1P PDP Reserves at 31 December 2018 up 8x (2017: 55 MMboe)
◦ PV10 of 1P PDP Reserves of $1.6bn up ~6x (2017: 0.3m)
• Total Revenue (Unhedged) up ~600% to $289.8m (2017: $41.8m):
◦ Realised revenue per fully diluted share of $0.71 up ~86% (2017: $0.36)
◦ 4Q18 realised price (unhedged) of $21.71 per Boe up 27% over 4Q17 primarily from changes in DGOs revenue stream (2017: $17.14)
◦ Realised significant and sustainable value from higher liquids volumes and through ownership of mid-stream infrastructure from both DGO and third-party production
• Successful integration process of acquired assets delivering operating synergies:
◦ Total cash unit costs reduced 20% to $8.55 per Boe (2017: $10.74)
• Adjusted EBITDA (Unhedged) up ~910% to $161.9m (2017: $16.0m)
◦ Adjusted EBITDA per fully diluted share up ~240% to $0.42 (2017: $0.13)
◦ Strong 2H18 Unhedged Adjusted EBITDA margins of 60% (2017: ~40%)
• Significantly strengthened balance sheet:
◦ $439m of new equity raised
◦ Established a $1.5bn revolving enlarged credit facility funded by a syndicate of twelve banks, enlarged twice in recognition of proved-developed-producing reserve growth
◦ Post-period, current liquidity of $270m (as of 28 February 2019)
◦ Post-period, current Net Debt/Adjusted EBITDA ratio of ~1.8x (as of 28 February 2019)
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