CARMANAH ANNOUNCES FIRST-HALF, 1995 RESULTS.CALGARY, Alberta--(BUSINESS WIRE)--Aug. 23, 1995--CARMANAH RESOURCES(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : CKM CKM Cabibbo-Kobayashi-Maskawa (quark mixing matrix) CKM Certified Knowledge Manager (trademark of Hudson Associates Consulting, Inc. ) CARMANAH RESOURCES LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . announced today that revenue for the six-months ended June 30, 1995 was $5.6 million compared to $832 thousand for the reporting period last year. The significant increase reflects the expanded scope of operations, primarily in Indonesia. Revenue growth, while significant, was constrained due to a variety of complications at the Camar Field, offshore Indonesia, which is operated by Carmanah with an 84 percent interest. These complications resulted in lower-than- anticipated production and higher cost. As a result, cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses was $262 thousand ($0.01 per share) compared to $45 thousand ($0.01 per share in 1994). After deducting non-cash charges, a loss of $818 thousand ($0.05 per common share) was recorded; last year the loss was $119 thousand ($0.02 per common share). Second quarter results paralleled those of the first half. Revenue was $3 million compared $804 thousands in 1994; cash flow was $294 thousand ($0.02 per share) versus $81 thousand ($0.01 per share) and the loss recorded was $331 thousand ($0.02 per common share) compared to $71 thousand ($0.01 per common share). Carmanah had 18.04 million common shares outstanding at June 30, 1995 following a 1:5 consolidation approved by shareholders on May 25, 1995. Production during the first half was 1,372 BOPD BOPD Barrels of Oil Per Day BOPD Bataan Ocean Petroleum Depot , sold at an average price of $23.10 per barrel. Canadian production averaged 470 BOPD, while Indonesian production net of Pertamina's interest averaged 902 BOPD, below expectations due to various shutdowns which occurred at Camar. The average selling price The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. in Indonesia was $24.38 per barrel. Production at the Camar Field in Indonesia has averaged approximately 3,600 BOPD during August and recently surpassed 4,500 BOPD. As previously announced, Carmanah is in the midst Adv. 1. in the midst - the middle or central part or point; "in the midst of the forest"; "could he walk out in the midst of his piece?" midmost of an extensive workover program at Camar, with current production levels considerably higher than those achieved in the first six months of 1995. In mid-September, a third lifting of in excess of 150,000 barrels of Camar crude is scheduled to follow the installation of permanent mooring MOORING, mar. law. The act of arriving of a ship or vessel at a particular port, and there being anchored or otherwise fastened to the shore. 2. Policies of insurance frequently contain a provision that the ship is insured from one place to another, "and till for the storage tanker, which will eliminate the need to shut in the field during future liftings. This should enable the Company to achieve improved operating and financial results during the second half of 1995. Carmanah will shortly commence the drilling of the Pendalian-2 well on its 100%-owned Kampar Kanan Production Sharing Contract ("PSC (Public Service Commission) Same as PUC. ") in Sumatra, Indonesia. This well offsets a 700 BOPD discovery drilled by the previous owner of the PSC. If successful, it would assist in confirming a sizable oil accumulation which would likely be developed in 1996. -0-
SUMMARY RESULTS
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Six months ended Three months ended
June 30 June 30
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1995 1994 1995 1994
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(unaudited) (unaudited)
Revenue, $000 $5,637 $ 832 $3,009 $ 804 Cash flow, $000 262 45 294 81 Earnings (Loss), $000 (818) (119) (331) ( 71) Per common share ($0.05) ($0.02) ($0.02) ($0.01) Weighted average shares outstanding 18,043,117 6,729,532 18,043,117 6,729,532 Production, BOPD 1,372 288 1,507 549 Canada 470 288 457 549 Indonesia 902 nil 1,050 nil The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. has neither approved nor disapproved the information contained herein. CONTACT: Mr. R.A. Gusella Chairman & Chief Executive Officer or Mr. A.F. Badwi President & Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. 403/266-4975 403/266-5042 (FAX) |
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