Page 13 - AsianOil Week 09 2021

AsianOil NEWS IN BRIEF AsianOil

OCEANIA the development of onshore assets in Western Revenue for the period was $16.0 million,
Australia and Spain. Warrego was added to compared to $20.3 million in the prior
Warrego completes El the ASX All Ordinaries Index from 22 June corresponding period.
2020.
The Kupe field contributed revenue of
Romeral acquisition WARREGO ENERGY, March 3, 2021 $5.9 million, compared to $5.6 million in the
prior corresponding period when revenue was
Warrego Energy is pleased to announce the NZOG reveals exploration impacted by a planned one-month shut down
completion of the acquisition of a 50.1% for maintenance.
interest in El Romeral, an integrated gas expense impacts half-year NZOG, February 26 2021
production and power station operation in
southern Spain. El Romeral, includes three outcome Armour plans demerger
producing wells that supply gas to its own
network, to a 100% project-owned 8.1MW Interim financial results released today show The Directors of Armour Energy Limited
power station. The acquisition was previously lower revenues in the first half of FY2021 are pleased to announce that the Company
announced to the ASX on 17 December 2019. and the impact of exploration results on cash proposes to demerge the Northern Basin Oil
The facility is currently exporting reserves and profits. & Gas Business into a newly formed company
electricity to the Spanish grid and the The costs of the unsuccessful drilling of – McArthur Oil & Gas Ltd – to be separately
medium-term target at El Romeral is to Ironbark have been expensed at a cost to the listed on ASX to unlock unrecognized value
increase on site gas production, and in turn group of $31.4 million. for shareholders.
electricity generation, from the current The combined Ironbark exploration Armour is the leading operator in the
22% towards the nameplate capacity. In the expenditure, the substantially unrealised McArthur Basin and is the 100% owner and
medium to long term, gas production can foreign exchange loss and lower production operator of six granted Exploration Permits
be increased via the drilling of new wells revenue resulted in a loss after tax of $42.3 and seven Exploration Permit applications
targeting already identified development million, compared to a loss of $1.5 million covering approximately 89,000 km2 in the
locations and low risk prospects. in the prior corresponding period. The loss Northern Territory and the 100% owner and
Warrego is currently examining options attributable to shareholders of New Zealand operator of a material position in the South
to increase shareholder value from its two Oil & Gas was $34.3 million, equivalent to a Nicholson Basin in NW Queensland with one
Spanish assets, El Romeral and Tesorillo. loss per share of 20.5 cents. Exploration Permit application in the South
Founded in 2007, Warrego secured 100% Net cash flow from operating activities Nicholson Basin covering approximately 7,900
of EP469 located onshore Perth Basin, across the group was $2.3 million, down from km2.
Western Australia, in 2008. Warrego farmed $4.4 million in the same period a year ago. Armour’s McArthur Basin exploration
out 50% of the block and operatorship in The cash balance at 31 December 2020 project area represents the largest and most
2018 to Strike Energy Limited. In March was $89.8 million, down from $105.2 million important part of the Northern, Central and
2019, Warrego completed a reverse takeover a year ago, mainly due to the costs of drilling Southern McArthur Basin where the thickest
of Petrel Energy Limited which was renamed the Ironbark exploration well off Western and most oil and gas prone sections of the
Warrego Energy Limited, the ASX listing Australia and foreign exchange losses of $7.7 McArthur and Tawallah Groups are present.
being retained. Warrego is now focused on million. ARMOUR ENERGY, March 3, 2021

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