Coelacanth Announces Q4 2023 Financial and Operating Results
Calgary, Alberta--(Newsfile Corp. - April 18, 2024) - COELACANTH ENERGY INC. (TSXV: CEI) ("Coelacanth" or the "Company") is pleased to announce its financial and operating results for the three months and year ended December 31, 2023. All dollar figures are Canadian dollars unless otherwise noted.
2023 HIGHLIGHTS
- Drilled five wells on its 5-19 pad at Two Rivers East. Four wells (three Lower Montney and one Basal Montney) were completed in Q4 2023. Combined test production from the three Lower Montney wells was 4,015 boe/d (
54% light oil). (2)
- Completed two Upper Montney wells on its 10-08 pad at Two Rivers West and commenced production in Q4 2023. C10-08 was recently re-tested after four months of production at an unrestricted rate of 1,284 boe/d (
35% light oil and NGLs). (2)
- Closed a bought-deal public financing in Q4 2023 raising gross proceeds of
$80.0 million .
- Exited 2023 with adjusted working capital (2) of
$67.6 million .
Financial and operational results below present the carved-out historic financial position, results of operations and cash flows of Leucrotta's Two Rivers Assets for all prior periods up to and including May 31, 2022 and the results of operations from May 31, 2022 forward include the results of Coelacanth after assuming the Two Rivers Assets upon close of the Arrangement.
| FINANCIAL RESULTS | Three Months Ended | Year Ended | ||||||||||||||||
| December 31 | December 31 | |||||||||||||||||
| ( | 2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||
| Oil and natural gas sales | 4,204 | 1,676 | 151 | 6,663 | 7,833 | (15 | ) | |||||||||||
| Cash flow used in operating activities | (404 | ) | (636 | ) | (36 | ) | (4,234 | ) | (9,741 | ) | (57 | ) | ||||||
| Per share - basic and diluted (1) | (-) | (-) | - | (0.01 | ) | (0.03 | ) | (67 | ) | |||||||||
| Adjusted funds flow (used) (1) | 1,750 | (60 | ) | (3,017 | ) | (333 | ) | (350 | ) | (5 | ) | |||||||
| Per share - basic and diluted | - | (-) | - | (-) | (-) | - | ||||||||||||
| Net loss | (750 | ) | (725 | ) | 3 | (6,573 | ) | (11,163 | ) | (41 | ) | |||||||
| Per share - basic and diluted | (-) | (-) | - | (0.01 | ) | (0.03 | ) | (67 | ) | |||||||||
| Capital expenditures (1) | 34,656 | 8,876 | 290 | 74,613 | 13,904 | 437 | ||||||||||||
| Adjusted working capital (1) | 67,589 | 67,738 | (-) | |||||||||||||||
| Common shares outstanding (000s) | ||||||||||||||||||
| Weighted average - basic and diluted | 478,731 | 425,106 | 13 | 439,055 | 363,743 | 21 | ||||||||||||
| End of period - basic | 528,650 | 425,106 | 24 | |||||||||||||||
| End of period - fully diluted | 609,989 | 461,955 | 32 | |||||||||||||||
(1) See "Non-GAAP and Other Financial Measures" section.
(2) See "Test Results and Initial Production Rates" section.
| Three Months Ended | Year Ended | |||||||||||||||||
| OPERATING RESULTS (1) | December 31 | December 31 | ||||||||||||||||
| 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||
| Daily production (2) | ||||||||||||||||||
| Oil and condensate (bbls/d) | 419 | 55 | 662 | 139 | 62 | 124 | ||||||||||||
| Other NGLs (bbls/d) | 28 | 15 | 87 | 16 | 18 | (11 | ) | |||||||||||
| Oil and NGLs (bbls/d) | 447 | 70 | 539 | 155 | 80 | 94 | | |||||||||||
| Natural gas (mcf/d) | 2,858 | 1,468 | 95 | 1,624 | 1,614 | 1 | ||||||||||||
| Oil equivalent (boe/d) | 923 | 315 | 193 | 426 | 349 | 22 | | |||||||||||
| Oil and natural gas sales | ||||||||||||||||||
| Oil and condensate ($/bbl) | 87.38 | 103.34 | (15 | ) | 88.94 | 116.29 | (24 | ) | ||||||||||
| Other NGLs ($/bbl) | 32.32 | 45.14 | (28 | ) | 33.22 | 49.98 | (34 | ) | ||||||||||
| Oil and NGLs ($/bbl) | 83.88 | 91.33 | (8 | ) | 83.28 | 101.64 | (18 | ) | ||||||||||
| Natural gas ($/mcf) | 2.86 | 8.03 | (64 | ) | 3.26 | 8.26 | (61 | ) | ||||||||||
| Oil equivalent ($/boe) | 49.47 | 57.83 | (14 | ) | 42.82 | 61.48 | (30 | ) | ||||||||||
| Royalties | ||||||||||||||||||
| Oil and NGLs ($/bbl) | 19.38 | 24.88 | (22 | ) | 20.24 | 31.22 | (35 | ) | ||||||||||
| Natural gas ($/mcf) | 0.26 | 2.08 | (88 | ) | 0.57 | 2.24 | (75 | ) | ||||||||||
| Oil equivalent ($/boe) | 10.20 | 15.25 | (33 | ) | 9.57 | 17.50 | (45 | ) | ||||||||||
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