The pro forma numbers (what counts)I agree that some may have been spooked a bit by the phrase "lower end", but the lower end of 14,000-16000 boed is still 14000 boed. Casual observers might not have gone past looking at the Q2 numbers, not realising that the acquisition didn't close formally until mid-april and that only the pro-forma numbers include all Valiant production, income and costs for the whole quarter:
The H1-2013 pro-forma highlights are:
- Average net export production in H1 2013 of 14,300 boepd, 95% oil
- H1 2013 cashflow from ongoing operations of $187.4 million
- Operating costs of $32 per barrel of oil equivalent ("boe") yielding
a netback per barrel of over $70 / boe
- Future annual G&A savings of over $20million per annum resulting from
the now completed restructuring and full integration of Valiant's
assets into the enlarged Company
Production & Operations
Based on pro-forma production in H1 2013 and a balanced view of the
opportunities and challenges for the second half of 2013 ("H2 2013"),
the Company anticipates that full year 2013 production will be at the
lower end of the pro-forma annual guidance range of 14,000 to 16,000
boepd.
SO we can see that management is delivering exactly what they promised earlier in the year. I look forward to seeing us break 20,000 boed next year and start pushing toward 30000 boed.