Musterdepotwert - WEST SIBERIAN RESOURCES - ÖL
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http://www.ariva.de/board/217667
Chaparral ist eine wirkliche Erdölperle!
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2005-07-14 09:08
West Siberian Resources Ltd has signed an agreement to acquire an oil company operating in the Timan Pechora region of West Siberia for MUSD 115. Proven and probable oil reserves will increase by 54 million barrels and estimated possible reserves of 116 million barrels are added. Initially, West Siberian Resources' oil production will increase by approximately 7000 barrels per day.
West Siberian Resources Ltd has signed a share purchase agreement to acquire all outstanding shares of a Russian limited liability company. The company to be acquired has two fully owned subsidiaries; one with an exploration and production license to operate a producing oil field and another company holding an exploration license. Both licenses cover fields located in the Timan Pechora region of West Siberia. Under Russian classification, the producing field has proven and probable recoverable oil reserves of 54.45 million barrels. The exploration license covers a nearby, undeveloped oil field with estimated possible oil reserves of 116 million barrels.
Current oil production amounts to 7,000 barrels per day from 13 wells. Additional wells will be drilled in the field contributing to production increases going forward. Production facilities and infrastructure to be acquired have a capacity of approximately 7 million barrels per year.
The acquisition is subject to Russian Antimonopoly Committee approval. Such approval is
expected in September 2005, following which the acquisition will be closed.
Through the acquisition, West Siberian Resources' oil production will more than double to exceed 13 000 barrels per day. Total proven and probable oil reserves will amount to 150 million barrels and total possible reserves are estimated at 140 million barrels. The company will be producing oil from five fields in two regions in West Siberia and hold additional exploration rights. The Moscow headquarter will absorb the acquired company's Moscow operations, thus realising important synergies.
The acquisition price amounts to $ 115 million, which primarily will be paid from existing cash and the assumption of bank debt. The board is reviewing additional financing options, including covering a maximum of $ 25 million of the purchase price through a directed equity issue.
"This is a significant step in West Siberian's development towards becoming a sizable independent Russian oil producer. Our oil production and revenues more than double while we add meaningful oil reserves and strategic development and exploration opportunities. This opens up a new promising oil province for us. A number of large and lucrative oil fields in the region are going to be auctioned by the Russian Government in the next 12 months. Some of them are only 10 km away from the acquired properties." Maxim Barski West Siberian Resources Managing Director said in a comment.
For further information:
Maxim Barski, Managing director, West Siberian Resources Ltd., tel. +7 095 723 07 18
Eric Forss, Chairman, West Siberian Resources Ltd., tel. +46 8 613 00 85
Also visit www.westsiberian.com
Die gegenwärtige Marktkapitalisierung von 290 Mio.Euro ist ein angemessener Wert ohne Berücksichtigung der Akquisition. Also dürfte die Akquisition erst nach Genehmigung durch die russische Kartellbehörde eingepreist werden.
Der Erhöhung der Fördermenge um 85% dürfte eine bis zu 15%ige Verwässerung entgegen stehen, so daß das kurzfristige Kurspotential nochmals 70% liegen dürfte, wobei jedoch Veränderungen des Ölpreises nicht berücksichtigt sind.
Für mich weiterhin ein MUSS!
West Siberian Resources Ltd’s oil production during December 2005 amounted to 449,284 barrels, or 14,493 barrels per day. In December 2004, oil production averaged 4,850 barrels per day. Total oil production in 2005 tripled to 2,976,312 barrels from 988,000 barrels in 2004.
During the month, oil was produced from five fields in the Tomsk and Timano-Pechora regions. At Middle Nyurola, in the Tomsk region, the new wells number 115 and 121 were put on production. In the Timano Pechora region, a new producing oil well, number 1002, was put into operation in the Middle Kharyaga field. 43% of the oil production in 2005, or 1,274,443 barrels, was produced in the fourth quarter when production increased from 434,903 barrels in 2004.
West Siberian plans capital expenditures of USD 63 million in 2006, excluding acquisitions. These plans include drilling and development programs at the Middle Nyurola-, Kluchevskoye- and Khvoinoye fields in the the Tomsk region, where 12 new wells are planned. In the Timano Pechora region, 7 wells are planned at the Middle Kharyaga field. Production from these fields is planned to double to 5,9 million in 2006.
The capital program also includes development of the recently acquired license areas in the Timano Pechora region. Drilling is expected to commence in the fourth quarter 2006. Based on current development plans, West Siberian’s objective remains to reach total daily production rates exceeding 30,000 barrels in 2007.
“Strong operating performance in the last quarter of 2005 contributed to further improvements in financial performance. We have an ambitious plan for 2006 and expect another year of high growth.” Maxim Barski, West Siberian’s Managing Director stated in a comment.
West Siberian Resources issues monthly oil production reports on the 3rd business day of the month.
For further information:
Maxim Barski, Managing director, West Siberian Resources Ltd., tel. +7 095 723 07 18
Eric Forss, Chairman, West Siberian Resources Ltd., tel. +46 8 613 00 85
Also visit www.westsiberian.com
2005 Results – the Group
The net result for 2005 was MUSD 0.23 corresponding to USD
0.00 per share (MUSD 17.42 and USD 0.06 per share, respectively).
EBITDA amounted to MUSD 25.73 (MUSD 3.70 ). Group revenue
for the financial year was MUSD 79.18 (MUSD 22.36). Cash flow
before changes in working capital amounted to MUSD 22.04
(MUSD 1.18).
The increase in revenue, EBITDA and cash flow resulted from
growth in production, improved netback prices and tight cost
control. Production costs for the fi nancial year were MUSD 41.17
(MUSD 12.90). On a per barrel basis, production costs (excluding
production taxes) decreased from USD 6.13 to USD 3.99 per barrel
as a result of technological improvements, reductions of production
overheads, synergies and increased production volumes.