Afentra has announced its unaudited annual results for the year ended 31 December 2023. During FY2023 and post period, Afentra successfully completed three acquisitions in Angola to acquire 30% non-operated interest in the producing Block 3/05 and a 21.33% non-operated interest in the adjacent development Block 3/05A.
(1)
Refer to the “Reader Advisory” section within this news release for additional information on Non-GAAP Financial Measures and production disclosure.
(2)
Includes realized commodity risk management loss of $21.1 million for the three months ended March 31, 2021 (three months ended March 31, 2020 - $21.4 million gain).
(3)
Includes available credit under Athabasca s Credit Facility and Unsecured Letter of Credit Facility (see page 14 of the Company’s Q1 2021 MD&A).
(4)
The face value of the 2022 Notes is US$450 million. The 2022 Notes were translated into Canadian dollars at the March 31, 2021 exchange rate of US$1.00 = C$1.2575 (2020 – C$1.2732).
Operations Update
Thermal Oil
Bitumen production for Q1 2021 averaged 25,949 bbl/d. The Thermal Oil division generated Operating Income of $42.2 million. The Western Canadian Select heavy oil benchmark averaged C$57.40/bbl for Q1 2021, up 61% from an average price of C$35.58/bbl in 2020. Q1 2021 Operating Netbacks for