Decent QuarterActually made money before depreciation expense. Can't confirm, but cash should go up as a result.
All drills turning. Just need liquidity/trading to pick up.
Analyst reviews should be out Monday.
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Estrella International Energy Services Ltd. Announces Filing of
Second Quarter Financial Statements
BUENOS AIRES, ARGENTINA--(Marketwire - Aug. 26, 2011) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES
Estrella International Energy Services Ltd. ("Estrella" or the "Company")
(TSX VENTURE:EEN) is pleased to announce that it has filed its interim
unaudited financial statements for its second quarter ended June 30, 2011.
Second Quarter 2011 Highlights
/T/
-- The Company's quarterly revenue increased by 75% to a record of US$ 14,2
million as compared to the three month period ended June 30, 2010.
-- The largest driver for growth was the consolidation of revenues from
STS of Colombia acquired late last year.
-- Excluding STS revenues, quarterly revenues increased by 25% as a
result of new rigs being deployed in Peru and Bolivia.
-- Revenues were offset by general and administrative expenses of
$2,857,000, depreciation of $3,748,000, interest expense of $1,979,000,,
and oilfield services expenses of $9,659,000. The Company also recorded
other income of $353,000.
-- As of June 30, 2011, the Company had strong liquidity with $20,173,000
of cash and cash equivalent.
-- During the second quarter, the Company completed a bought deal public
offering (the "Offering") of 28,600,000 Common Shares. The Offering was
made pursuant to a short form prospectus dated April 21, 2011. The
Common Shares were issued at a price of CDN
.70 per share for aggregate
gross proceeds of CDN$20,020,000 to the Company.
-- Rig utilization levels were lower than the company`s historical
averages, with a number of new rigs mobilizing onto new projects (351
and 552 in Peru, 1001 in Bolivia and STS06 and 07 in Colombia). All rigs
have since entered service on their respective contracts.
-- Services revenues and consulting revenues were lower than anticipated
during the period, impacted by slower activity levels in Argentina due
to a region wide strike in the Southern part of the country. Activity
has since returned to normal in the region. New consulting contracts
have recently been signed with two operators in Argentina.