Canada’s Antrim Energy Inc. reported its financial and operational results for the three months ended March 31, 2003. Highlights for the Quarter include a 39 percent increase in oil and gas revenue, a 95 percent increase in cash flow from operations, working capital at quarter end of $9.3 million and seismic operations planned in Australia and Argentina.
The company reported that for the first quarter 2003 revenue from oil and gas sales increased 39 percent to $1,478,238 compared to $1,060,908 reported for the comparable period in 2002.
Higher commodity prices and lower operating costs combined to increase 2003 first quarter cash flow 95 percent to $346,310 ($0.02 per share) from $177,542 ($0.01 per share) for the same period in 2002.
Netbacks per barrel over the first quarter increased 77 percent to $30.32 when compared to $17.13 recorded over the same period in 2002. Despite participating in the deepening of a significant exploration well in Tunisia, Antrim maintained its strong working capital position, exiting the quarter with working capital of $9.3 million.
Antrim's share of oil production in the first quarter of 2003 averaged 382 barrels of oil per day, compared to 455 barrels of oil per day in 2002. Changes in production were the result of an increase in gas (CO2) production and related mechanical difficulties.
Workover operations designed to re-establish and further increase oil production commenced subsequent to the end of the quarter in April 2003. Antrim's gas production from the Company's property in the Czech Republic averaged 175 mcf/d over the first quarter 2003 compared to an average of 93 mcf/d over the same period in 2002.
Despite higher oil and gas revenues, net income decreased primarily due to the write-down in the first quarter of 2003 of Antrim's Tunisian assets following the deepening and subsequent abandonment of the Chott Fejaj #3A well in February 2003.
Antrim also recorded in 2002 a gain on disposition of petroleum and natural gas assets of $2.8 million related to the sale of Antrim's New Zealand properties.
Subsequent to the end of the quarter, Antrim has announced the acquisition of a 1,040 kilometer marine seismic program on the North West Shelf of Australia and an increase in the Company's equity interest in this property to 50 percent from a previous holding of 37.5 percent.
Antrim remains the operator of the property. Antrim also announced an agreement with an industry partner to fund a 40 square kilometer 3-D seismic program on the 100 percent owned Capricorn Permit in Argentina in exchange for a 50 percent equity interest in the Permit.
"Our first quarter results demonstrate that Antrim has positioned itself with a secure revenue stream and substantial ownership in several sizeable and exciting undeveloped oil and gas properties,” said Chairman and CEO Stephen Greer.
“Our strong balance sheet with $9.3 million in working capital, no debt and our growing list of strategic industry partnerships allows the Company to participate in some of the most exciting exploration ventures around the world." — (menareport.com)
© 2003 Mena Report (www.menareport.com)
