Calgary, Alberta--(Newsfile Corp. - May 22, 2024) - Lycos Energy Inc. (TSXV: LCX) ("Lycos" or the "Company") is pleased to announce its operating and financial results for the three months ended March 31, 2024. Selected financial and operating information is outlined below and should be read with Lycos' unaudited condensed interim consolidated financial statements and related management's discussion and analysis ("MD&A") for the three months ended March 31, 2024. These filings are available on SEDAR+ at and the Company's website at .
Financial and Operating Highlights
| | Three months ended
March 31, | | | % change | |
($ in thousands, except per share) | | 2024 | | | 2023 | |
Total petroleum and natural gas sales, net of blending(1) | | 23,892 | | | 10,287 | | | 132% | |
Adjusted funds flow from operations(1) | | 9,591 | | | 2,622 | | | 266% | |
Net income (loss) | | (1,414) | | | 21,812 | | | (106)% | |
Per share - basic | $ | (0.03) | | $ | 0.55 | | | (105)% | |
Per share - diluted | $ | (0.03) | | $ | 0.52 | | | (105)% | |
Capital expenditures - exploration & development | | 19,450 | | | 11,687 | | | 66% | |
Capital expenditures - net acquisitions & dispositions | | - | | | 50,000 | | | (100)% | |
Adjusted working capital (net debt)(1) | | (27,148) | | | (4,982) | | | 445% | |
Weighted average shares | | | | | | | | | |
outstanding (thousands) | | | | | | | | | |
Basic | | 53,081 | | | 39,769 | | | 33% | |
Diluted | | 53,081 | | | 42,300 | | | 25% | |
Average daily production: | | | | | | | | | |
Crude oil (bbls/d) | | 3,804 | | | 1,919 | | | 98% | |
Natural gas (mcf/d) | | 218 | | | 125 | | | 74% | |
Total (boe/d) | | 3,840 | | | 1,940 | | | 98% | |
Realized prices: | | | | | | | | | |
Crude oil ($/bbl)(2) | | 68.81 | | | 56.57 | | | 22% | |
Natural gas ($/mcf) | | 2.07 | | | 2.77 | | | (25)% | |
Total ($/boe) | | 68.27 | | | 56.14 | | | 22% | |
Operating netback ($/boe) | | | | | | | | | |
Petroleum and natural gas revenues(2) | | 68.27 | | | 56.14 | | | 22% | |
Realized gain on financial derivatives | | 1.00 | | | - | | | 100% | |
Royalties | | (10.61) | | | (9.15) | | | 16% | |
Net operating expenses(1) | | (25.48) | | | (29.55) | | | (14)% | |
Transportation expenses | | (1.69) | | | (0.49) | | | 245% | |
Operating netback, including financial derivatives ($/boe)(1) | | 31.49 | | | 16.95 | | | 86% | |
Adjusted funds flow from operations ($/boe)(1) | | 27.45 | | | 15.01 | | | 83% | |
(1) See Non-IFRS Measures, Non-IFRS Financial Ratios and Capital Management Measures | |
(2) Realized prices are based on revenue, net of blending expense | |
Q1 2024 Financial and Operating Highlights
Highlights for the three months ended March 31, 2024 include:
Average production volumes increased to 3,840 boe/d (99% crude oil) in the first quarter of 2024 compared to 1,940 boe/d in the first quarter of 2023, representing a 98% increase. Exit March production averaged over 4,100 boe/day.
Net operating expenses(1) were $25.48 per boe in the first quarter of 2024, representing a 14% decrease from $29.55 per boe in the comparable period of 2023.
Adjusted funds flow from operations(1) of $9.6 million in the first quarter of 2024 compared to $2.6 million in the first quarter of 2023, representing a 266% increase.
Reduced G&A expense to $3.79 per boe in the first quarter of 2024, a 17% decrease compared to $4.54 per boe in the same period of 2023.
Successfully drilled and completed 7.0 wells in the Lloydminster and Greater Lloydminster area, including 6.0 net wells (2.0 wine rack and 4.0 multi-lateral) brought on stream by the end of March 2024 and 1.0 net disposal well. Lycos commenced the drilling of an additional wine rack well that was brought on stream after the first quarter of 2024.
(1) See Non-IFRS Measures, Non-IFRS Financial Ratios and Capital Management Measures
Operations Update
Drilling operations in Q1 2024 and the first half of Q2 2024 have been focused on our Alberta properties. To date, the Company has drilled and brought 10.0 net multi-lateral wells on production, of which 6.0 net wells were drilled using our wine rack design. The Company's 2024 drilling program targeted a 4-well pad, therefore eliminating shutting down the drilling rig for spring break up as well as realizing cost savings on rig moves. Lycos is currently drilling 2.0 net wells and expects to bring these on production by the end of May 2024. Current average production is approximately 4,500 boe/day (99% crude oil).
The following table highlights Lycos' drilling results from the first half of 2024 for all wells that have been on production for more than 30 days. Six of the seven wells listed were drilled in Q1 2024 and the 04/03-29-048-05W4 well was drilled in Q2 2024.
Well UWI | IP 30
bbl/d) | IP 60
(bbl/d) | IP 90
(bbl/d) | Cumulative Oil to Date
(Mbbl) |
04/09-30-048-05W4 | 402 | 346 | 318 | 37,305 |
02/14-30-048-05W4 | 301 | 286 | 293 | 29,418 |
04/08-12-052-07W4 | 208 | 193 | n/a | 13,713 |
00/06-12-052-07W4 | 201 | 169 | n/a | 13,038 |
00/04-27-056-04W4 | 267 | n/a | n/a | 11,935 |
02/04-27-056-04W4 | 221 | n/a | n/a | 9,898 |
04/03-29-048-05W4 | 404 | n/a | n/a | 14,351 |
Outlook
As Lycos converts inventory on lands acquired from last year, results are well above expectations. The recent success has added two new core areas to the Company's portfolio and the next round of drilling through Q3 2024 will test three new areas expected to add multiple follow up locations to our inventory on the success of those drills. Lycos plans to drill and complete 19 gross (18.6 net) multi-laterals in Q2 2024 and Q3 2024 with 3 gross (3 net) wells being drilled in Saskatchewan to take advantage of the new multi-lateral royalty relief program there.
艾伯塔省卡爾加里--（Newsfile Corp.，2024年5月22日）——萊科斯能源公司（TSXV：LCX）（“Lycos” 或 “公司”）欣然宣佈其截至2024年3月31日的三個月的運營和財務業績。部分財務和運營信息概述如下，應與Lycos截至2024年3月31日的三個月未經審計的簡明中期合併財務報表以及相關管理層的討論和分析（“MD&A”）一起閱讀。這些文件可在SEDAR+和公司的網站上查閱。
財務和運營亮點
| | 三個月已結束
3月31日 | | | % 變化 | |
（以千美元計，每股除外） | | 2024 | | | 2023 | |
扣除混合後的石油和天然氣銷售總額 (1) | | 23,892 | | | 10,287 | | | 132% | |
調整後的運營資金流 (1) | | 9,591 | | | 2,622 | | | 266% | |
淨收益（虧損） | | (1,414) | | | 21,812 | | | (106%) | |
每股——基本 | $ | (0.03) | | $ | 0.55 | | | (105)% | |
每股——攤薄 | $ | (0.03) | | $ | 0.52 | | | (105)% | |
資本支出-勘探與開發 | | 19,450 | | | 11,687 | | | 66% | |
資本支出——淨收購和處置 | | - | | | 5萬個 | | | (100)% | |
調整後的營運資金（淨負債）(1) | | (27,148) | | | (4,982) | | | 445% | |
加權平均份額 | | | | | | | | | |
傑出（千人） | | | | | | | | | |
基本 | | 53,081 | | | 39,769 | | | 33% | |
稀釋 | | 53,081 | | | 42,300 | | | 25% | |
平均日產量： | | | | | | | | | |
原油（桶/日） | | 3,804 | | | 1,919 | | | 98% | |
天然氣 (mcf/d) | | 218 | | | 125 | | | 74% | |
總計（boe/d） | | 3,840 | | | 1,940 | | | 98% | |
已實現價格： | | | | | | | | | |
原油 (美元/桶) (2) | | 68.81 | | | 56.57 | | | 22% | |
天然氣 ($/mcf) | | 2.07 | | | 2.77 | | | (25)% | |
總計（美元/英國央行） | | 68.27 | | | 56.14 | | | 22% | |
運營淨回報（美元/boe） | | | | | | | | | |
石油和天然氣收入 (2) | | 68.27 | | | 56.14 | | | 22% | |
金融衍生品的已實現收益 | | 1.00 | | | - | | | 100% | |
特許權使用費 | | (10.61) | | | (9.15) | | | 16% | |
淨運營支出 (1) | | (25.48) | | | (29.55) | | | (14)% | |
交通費用 | | (1.69) | | | (0.49) | | | 245% | |
運營淨回值，包括金融衍生品（美元/boe）(1) | | 31.49 | | | 16.95 | | | 86% | |
調整後的運營資金流 (美元/boe) (1) | | 27.45 | | | 15.01 | | | 83% | |
(1) 參見非國際財務報告準則指標、非國際財務報告準則財務比率和資本管理指標 | |
(2) 已實現價格基於收入，減去混合費用 | |
2024 年第一季度財務和運營亮點
截至2024年3月31日的三個月的亮點包括：
2024年第一季度的平均產量增加到3,840桶桶油當量/日（99％的原油），而2023年第一季度的平均產量爲1,940桶桶桶/日，增長了98％。退出3月份的平均產量超過4,100桶/日。
2024年第一季度的淨運營支出（1）爲每桶英國央行25.48美元，較2023年同期的每英國央行29.55美元下降了14％。
2024年第一季度調整後的運營資金流（1）爲960萬美元，而2023年第一季度爲260萬美元，增長了266％。
2024年第一季度將併購支出降至每桶3.79美元，與2023年同期的每桶4.54美元相比下降了17％。
在勞埃德明斯特和大勞埃德明斯特地區成功鑽探並完井7.0口井，包括到2024年3月底投產的6.0口淨井（2.0口酒架和4.0個多邊井）和1.0口淨處置井。萊科斯開始再鑽探一口酒架井，該井於2024年第一季度後投產。
(1) 參見非國際財務報告準則指標、非國際財務報告準則財務比率和資本管理指標
操作更新
2024 年第一季度和 2024 年第二季度上半年的鑽探作業主要集中在我們在艾伯塔省的物業上。迄今爲止，該公司已經鑽探並實現了10.0口淨多側井投產，其中6.0口淨井是使用我們的酒架設計鑽探的。該公司2024年的鑽探計劃以4口井墊爲目標，因此無需在春季休假時關閉鑽機，也節省了鑽機移動成本。萊科斯目前正在鑽探2.0口淨井，預計將在2024年5月底之前投入生產。目前的平均產量約爲4500桶桶/天（99％的原油）。
下表重點介紹了Lycos自2024年上半年以來所有已投入生產超過30天的油井的鑽探結果。上市的七口油井中有六口是在2024年第一季度鑽探的，04/03-29-048-05W4油井是在2024年第二季度鑽探的。
好吧 UWI | IP 30
bbl/d) | IP 60
(bbl/d) | IP 90
(bbl/d) | 迄今爲止的累計石油量
(Mbbl) |
04/09-30-048-05W4 | 402 | 346 | 318 | 37,305 |
02/14-30-048-05W4 | 301 | 286 | 293 | 29,418 |
04/08-12-052-07W4 | 208 | 193 | 不適用 | 13,713 |
00/06-12-052-07W4 | 201 | 169 | 不適用 | 13,038 |
00/04-27-056-04W4 | 267 | 不適用 | 不適用 | 11,935 |
02/04-27-056-04W4 | 221 | 不適用 | 不適用 | 9,898 |
04/03-29-048-05W4 | 404 | 不適用 | 不適用 | 14,351 |
外表
隨着Lycos轉換去年購置的土地的庫存，業績遠高於預期。最近的成功爲公司的投資組合增加了兩個新的核心區域，到2024年第三季度的下一輪鑽探將測試三個新區域，預計這些鑽探的成功將在我們的庫存中增加多個後續地點。Lycos計劃在2024年第二季度和2024年第三季度鑽探並完成總共19個（淨含量爲18.6個）的多側油井，同時在薩斯喀徹溫省鑽探總共3口井（淨鑽井3口），以利用那裏新的多邊特許權使用費減免計劃。
