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2019 Annual Résults

Apr 1, 2020

 

2019: sound financial results led by operational delivery

  • Working interest production of 27,340 boepd, a 19% increase compared to 2018
  • Operating cash flow before change in working capital of $263 million, up 35% compared to 2018 despite a 2% dip in average oil sale price ($67.2/bbl vs. $68.8/bbl)
  • Exploration capex of $43 million, and closing of the Angola acquisition in July 2019 for a cash consideration of $35 million

Strongly positioned thanks to a robust capital structure and high liquidity

  • $231 million cash balance as of 31 December 2019, plus an additional $100 million available via the undrawn tranche of the Shareholder Loan
  • Renewed support from banks and majority shareholder PIEP, as amendments with lenders were obtained in March 2020 to ease debt repayments in 2020 and 2021
  • Committed to debt reduction, as repayments started in March 2020


Taking immediate actions to address the fall in oil price

  • Flexibility provided by the operational control of key assets
  • Drastic and thorough action plan launched to reduce opex, G&A, and capex programmes
  • Suspension of development drilling activities on the Ezanga licence in Gabon
  • The Board of Directors has decided not to propose the payment a dividend for FY 2019


Press release: 2019 annual results

Communiqué: Slideshow - 2019 Annual Results