Lycos Energy Inc V.LCX

Alternate Symbol(s): LCXEF

Energy Oil & Gas E&P

Lycos Energy Inc. is an oil-focused, exploration, development and production company based in Calgary, Alberta. The Company is engaged in the exploration for and development of petroleum and natural gas production in western Canada. The Company is engaged in operating heavy-oil, development assets in the Lloydminster, Greater Lloydminster area and Gull Lake, Saskatchewan. The Company also owns approximately 12,335 net acres of Wyatt land, including over 20 net drilling locations, which has a production of about 400 barrels of oil equivalent per day (boe/d). Its acquisition focus is primarily in the Lloydminster area. In addition, the Company retains low-decline, long-life producing assets in the Gull Lake / Swift Current area in Southwest Saskatchewan.

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Lycos Energy Inc > 2023 Results - Looks great but ...

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Post by Angleson Apr 18, 2024 11:39am

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Post# 35996026

2023 Results - Looks great but ...

Everything seems great, except the share price???

Achieved record production in the fourth quarter of 2023 of 4,121 boe/d (99% crude oil) and exit December average production of 4,357 boe/d (99% crude oil). This represents a 267% increase from the fourth quarter of 2022 of 1,123 boe/d (99% crude oil) and a 35% increase from the third quarter of 2023 of 3,043 boe/d (99% crude oil).
Reduced net operating expenses(2) to $21.87 per boe in the fourth quarter of 2023 compared to $40.16 per boe in the fourth quarter of 2022, a 46% reduction year over year and a 19% decrease from $26.98 per boe in the third quarter of 2023.
Generated adjusted funds flow from operations(2) of $11.4 million representing a 5763% increase from ($0.2 million) in the fourth quarter of 2022 and a 5% increase from $10.8 million in the third quarter of 2023.
Reduced general and administrative expenses to $2.65/boe in the fourth quarter of 2023, a 72% decline from $9.32/boe in the fourth quarter of 2022.
Increased total proved reserves by 153% to 9.9 mmboe from 3.9 mmboe and total proved plus probable reserves by 130% to 17.4 mmboe from 7.5 mmboe as a result of a successful drilling program from its multi-lateral and fishbone wells and the completion of three corporate acquisitions.
Production replacement(1) was 236% on a total proved basis and 363% on a total proved plus probable basis.
Achieved finding and development (F&D) costs(1), including changes in future development costs of $16.71 per boe on a proven producing basis and finding, development and acquisition (FD&A) costs(1) of $20.62 per boe on a total proved plus probable basis.
Based on a 2023 adjusted funds flow netback(2) of 28.99/boe, achieved a recycle ratio, excluding acquisitions(1) of 1.7 on a proven producing basis and recycle ratio, including acquisitions(1) on a total proved plus probable basis of 1.4.