RE: Wow21 Mar 2017 10:11
"Based on this new production information the Group has updated the previously reported total oil production for 2014 of 399,325 bbls of oil to 2,383,715 bbls of oil via both export methods. 2015 total oil production via both export methods is now updated to a total 1,421,283 bbls of oil. The Group has not recognised any revenue for this or indeed any production, post the imposition of EU sanctions, but has updated its remaining recoverable resource volumes for these fields based on this new production information."
http://www.gulfsands.com/wp-content/uploads/2016/03/GPX_AnnualFinancialResults_2015_Mar16.pdf
Production achieved:
2014 was 2,383,715bbls
2015 was 1,421,283bbls
2014 average spot oil price was an average of $95 a barrel High $105.71 low $60.70
2015 average spot oil price was an average of $50 a barrel High $62.51 low $36.57
2014 production 2,383,715bbls x $95 = $226,452,925
2015 production 1,421,283bbls x $50 = $71,064,150
Combined 2014 /2015 production gross revenue $297,517,075
"The Group has not recognised any revenue for this or indeed any production, post the imposition of EU sanctions, but has updated its remaining recoverable resource volumes for these fields based on this new production information.
$297m Gross less all lift costs, transportation costs , profit oil cost etc etc discounted down to a {conservative} 40% Nett to GPX = $118m
$118m of back dated production costs payable to GPX upon the lifting of Syrian Oil Sanctions (due for review June 1st 2017)
These are purely the back costs and don't value the contingent 2C reserves of 69.7mmbbls of oil & condensate nor the 33.4 bcf of recoverable gas.
NOR PRODUCTION FOR ANY OTHER YEARS TO DATE
Therefore the arrived at value for back costs of $118m is expected to increase further upon the releasing of 2016 productions figures etc
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