Q1 2017 Results Published
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/29/17 -- PetroMaroc Corporation plc (TSX VENTURE: PMA), an independent oil and gas company focused on Morocco (the "Company" or "PetroMaroc") is pleased to announce its financial and operating results for the first quarter of 2017.
Commenting, D. Campbell Deacon, Chief Executive Officer of PetroMaroc, said: "In early January 2017, the Company completed the sale and purchase agreement with Sound Energy plc ("Sound Energy"), following which, PetroMaroc''s ownership of consideration shares in Sound Energy enable the Company to be positioned to leverage off Sound Energy''s operating capability in country and balance sheet whilst retaining material upside with the Sidi Moktar Net Profit Interests. On May 17, Sound Energy announced a rig has arrived at Sidi Moktar. Sound Energy plan to complete a 2 stage workover through May 2017 - June 2017, which will include (i) completion, perforation and testing of the Lower Liassic in Koba-1 and possible additional testing of the Argovian in Koba-1, and (ii) completion, perforation and testing of the Lower Liassic in Kamar-1 and possible additional testing of the Dogger in Kamar-1. Should the wells deliver a commercial flow rate, Sound Energy will complete an Extended Well Test and assuming a successful test, target first commercial gas to the domestic market, around the end of 2017. ...During Q1 2017, general and administrative costs totalled US$0.20 million, representing a 79% decrease in comparison to 2016 (US$0.95 million), and a 61% decrease in comparison to 2015 (US$0.54 million)."
During the quarter the Company successfully executed settlement agreements with almost all of its unsecured creditors.
PetroMaroc today filed its financial statements for the quarter ended March 31, 2017, together with its Management''s Discussion and Analysis in respect of the Company''s financial results for the quarter ended March 31, 2017. These documents are available on the PetroMaroc website at or under the Company''s profile on SEDAR at .
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About PetroMaroc
PetroMaroc Corporation plc is an independent oil and gas exploration company. PetroMaroc holds a substantial share ownership position in Sound Energy plc, and net profit interests in the Sidi Moktar licence (onshore Morocco), which the Company considers to be a committed long-term partner who will work to unlock the hydrocarbon potential of the Essaouira region. PetroMaroc is a public company and its common shares are listed on the TSX Venture Exchange under the symbol "PMA".
Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. Such forward-looking statements relate to future events or the Company''s future performance. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "project", "potential", "targeting", "intend", "could", "might", "continue" or the negative of these terms or other similar terms. Forward-looking statements in this press release include, but are not limited to, statements regarding the strength of the ongoing relationship between the Company and Sound Energy, including the ability of the Company to leverage off Sound Energy''s operating capabilities in Morocco, the degree of success in connection with the proposed drilling of the Kechoula structure to prove the commercial viability of Sidi Moktar and the value of the net profit interests held by the Company thereon, the ability of the Company to continue to successfully negotiate settlement agreements with its trade creditors in respect to the Sidi Moktar drilling campaign, the value of Sound Energy shares held by the Company which may impact the ability of the Company to repay the principal and interest owing under the New Debentures on maturity, the ability of the Company to negotiate with ONHYM to reduce its potential exposure in respect of the Zag concession, the completion of evaluations and processing and interpretation of data, the performance characteristics of the Company''s interests in oil and gas properties, capital expenditure programmes, supply and demand for oil, gas and commodities, prices for oil and gas, drilling plans, and realization of the anticipated benefits of acquisitions.
Forward-looking statements are only predictions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking statements contained in this press release include, but are not limited to: unsuccessful test results to be conducted by Sound Energy in respect of the Sidi Moktar concession, the potential decline in the value of the shares in Sound Energy held by the Company which may impact upon the ability of the Company to repay the New Debentures on maturity, the general economic conditions in Canada, the Kingdom of Morocco and globally; industry conditions, including fluctuations in the price of oil and gas, governmental regulation of the oil and gas industry, including environmental regulation; fluctuation in foreign exchange or interest rates; risks inherent in oil and gas operations; political risk, including geological, technical, drilling and processing problems; unanticipated operating events which could cause commencement of drilling and production to be delayed; the need to obtain consents and approvals from industry partners, regulatory authorities and other third-parties; stock market volatility and market valuations; competition for, among other things, capital, acquisitions of reserves, undeveloped land and skilled personnel; incorrect assessments of the value of acquisitions or resource estimates; any future inability to obtain additional funding, when required, on acceptable terms or at all; credit risk; changes in legislation; any unanticipated disputes or deficiencies related to title matters; dependence on management and key personnel; and risks associated with operating in and being part of a joint venture.
Although the forward-looking statements contained in this press release are based upon factors and assumptions which management of the Company believes to be reasonable, the Company cannot assure that actual results will be consistent with its expectations and assumptions. Undue reliance should not be placed on the forward-looking statements contained in this news release as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. These statements speak only as of the date of this press release, and the Company does not undertake any obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of PetroMaroc in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.
Contacts:
PetroMaroc Corporation plc
Martin Arch
Chief Financial Officer
+44 (0) 20 3137 7756
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Datum: 29.05.2017 - 02:00 Uhr
Sprache: Deutsch
News-ID 1506157
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