161 0 Kommentare Questerre reports second quarter 2023 results - Seite 2

The higher production volumes were offset by the lower commodity prices in the current year. For the quarter, petroleum and natural gas sales totaled $10.7 million compared to $17.0 million last year and $21.2 million year to date compared to $26.6 million in the prior year. The lower revenue contributed to adjusted funds flow from operations of $5.3 million (2022: $12.2 million) in the quarter and $9.6 million for the first six months of the year (2022: $16.5 million).

The revenue also contributed to net income of $1.7 million for the quarter (2022: $9.1 million) and $2.6 million (2022: $11.5 million) for the first half of the year. Capital expenditures in the quarter were $2.5 million (2022: $2.8 million) and $5.7 million year to date (2022: $7.8 million).

The Company also reported on the pending renewal of its credit facility with a Canadian chartered bank. Following a preliminary review conducted in the second quarter, the Company anticipates its credit facilities will remain at $16 million. The renewal will take effect upon receipt of the final requisite approvals in the third quarter. The effective interest rate on the facility for the first half of 2023 was 7.74% (2022: 4.08%). As at June 30, 2023, effectively no amounts were drawn on the facility and the Company held unrestricted cash and term deposits of $35.2 million. The Company had a net working capital surplus of $28 million (2022: $10.6 million surplus).

The term "adjusted funds flow from operations" and “working capital surplus” are non-IFRS measures. Please see the reconciliation elsewhere in this press release.

Questerre is an energy technology and innovation company. It is leveraging its expertise gained through early exposure to low permeability reservoirs to acquire significant high-quality resources. We believe we can successfully transition our energy portfolio. With new clean technologies and innovation to responsibly produce and use energy, we can sustain both human progress and our natural environment.

Questerre is a believer that the future success of the oil and gas industry depends on a balance of economics, environment, and society. We are committed to being transparent and are respectful that the public must be part of making the important choices for our energy future.

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