RE: Strong 2011 and very strong Q4 financials Lots of positives here including a 150 % growth in revenues to $14.5 million.
Q4 was outstanding, with net earnings of
.03 per share on about 800 bpd of production.
These numbers would have been substantially higher, had the EU financial crisis delayed their development financing funds from July/11 to late Dec /11.
However, subsequent to the quarter, development and production enhancement work has accelerated to include.....
- Completed key 2011 subsurface program elements in early 2012 and continued focus on removing existing facilities constraints
- Executed the US$20 million facility with Raiffeisen Bank Albania and cleared all conditions precedent on December 27, 2011
- Completed the Delvina 12 gas well fracture on December 31, 2011, and began well clean up and testing in January 2012
- Exited the calendar year with nine jet pumps installed and commissioned in the Cakran-Mollaj field
- Received government confirmation of Company's takeover of the oil and gas interfield pipelines, enabling further development and future deployment of enhanced oil recovery ("EOR") programs
- Continued detailed planning for the takeover of the Ballsh-Hekal field
- Acquired a gas reinjection compressor for the Delvina gas/condensate field to allow near future gas and liquid/condensate production
- Completed the 2011 reserves evaluation and released results on March 14, 2012
As the injection of development funds converts to production enhancement gains in 2012, we should see a sustained increase in production towards the 2000 bpd level.
This will be enhanced as well by an increase in the benchmafrk price to 68 % of Brent.
More details should be contained in the detailed documentation on Sedar that I have yet to read....