Close X Cookies are necessary for the proper functioning of By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
In the same category
Molopo Energy Limited : Quarterly Report for the 3 Months Ended 31 December 2012
Published : January 30, 2013
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  

CALGARY, ALBERTA--(Marketwire - Jan. 30, 2013) - Molopo Energy Limited (News - Market indicators)


  • Corporate production averaged 917 barrels of oil equivalent per day (boe/d) during the Quarter, 124% higher than the 409 boe/d produced in the prior quarter. Production was comprised of 65% oil and natural gas liquids (NGLs) and 35% natural gas;

  • Announced preliminary and 30 day results from Baggett 54-1H, the first Bench B well drilled in Fiesta, which were consistent with the two Bench A wells previously drilled in the area;

  • Divested its interest in the Queensland natural gas assets on 1 November for gross proceeds of AUD$41 million plus a AUD$2.4 million adjustment for working capital;

  • Continued to maintain a very strong balance sheet with an estimated US$71 million in cash at the end of the Quarter, which will significantly contribute to the execution of Molopo's go forward strategy; and

  • Subsequent to the end of the quarter, announced the appointment of Mr. Steven Cloutier as Chief Executive Officer and Managing Director effective 17 January 2013.

Update for Second Quarter Ended 31 December 2012 and January 2013 Monthly Update


Molopo invested all US$22.3 million of its capital program during the Quarter to drilling and completing the final 2 wells of its 2012 program in the Wolfcamp formation in West Texas, as well as some additional completion costs from wells drilled in the prior Quarter. The first Bench B well in Fiesta, Baggett 54-1H, was drilled and completed through October and November, with results announced in December that were consistent with earlier Bench A wells drilled. The sixth and final well in the 2012 program, Linthicum Washington 24-2H in Barnhart, was drilled and completed through November and December and commenced flow-back on 30 December 2012. Since coming on production, 24-2H achieved a peak 24 hour rate of 456 boe/d comprised of 45% oil & NGL's, and 55% natural gas. 

For the month of December, production was 931 boe/d, weighted approximately 63% to light, sweet crude oil and liquids, and 37% to natural gas, with Texas contributing 87% and Saskatchewan contributing the balance. Molopo's average production through the Quarter of 917 boe/d was comprised of approximately 65% light, sweet crude oil and liquids, and 35% natural gas, with Texas contributing 85% and the balance from Saskatchewan. 

Molopo is currently focused on developing a capital budget for 2013 which builds on all the asset development knowledge gained in 2012. This is expected to be finalized, approved and communicated to shareholders within the first quarter. 


On 1 November 2012 Molopo closed its previously announced sale of its Queensland asset for gross proceeds of AUD$41 million plus a AUD$2.4 million working capital adjustment. At the end of the Quarter, Molopo's cash balance was approximately US$71 million, and the Company has no debt.

In order to position Molopo more favorably in North American operating and financial markets, the Company's financial year end was changed to 31 December from 30 June, and its presentational currency was changed from Australian to US dollars effective 1 July 2012. As a result of the change to year end, Molopo will report stub year financial statements for the 6 month period from 30 June to 31 December 2012, and report its full year results as at each 31 December year end thereafter. Molopo's 2013 Annual General Meeting (AGM) will be held on 23 May 2013. 

With the view to delivering a strategy of maximizing the return to shareholders from the Company's current assets, the Board of Directors appointed Mr. Steven Cloutier as Chief Executive Officer and Managing Director of Molopo subsequent to the end of the Quarter, succeeding Mr. Tim Granger. In concert with a special Board committee, Mr. Cloutier is working to develop and implement a renewed approach to executing on the organization's North American strategy, including a capital budget for 2013. 

Figures are Molopo net in US dollars (accruals basis) CANADA USA OTHER Three Months Ended 31 Dec '12 Three Months Ended 30 Sep '12 Change
Exploration & development expenditure incurred1($'000) - 22,254 - 22,254 25,762 (14%)
Sales Volume (Boe) 12,416 71,935 - 84,351 36,895 129%
Sales Proceeds1($'000) 994 3,018 - 4,012 2,492 61%
(1) Sales proceeds is the gross amount from production before royalties and operating costs.

To access the Appendix 5B, please visit the ASX Announcements page of Molopo's website at


No new drilling activity was undertaken through the month. Until Molopo has confirmed and communicated its 2013 budget, operational activities will be limited to maintaining existing wells with a view to optimizing production. 

Molopo will provide future operational updates on its development activities on a quarterly basis or as circumstances warrant, in accordance with ASX policies.

About Molopo Energy Limited

Molopo Energy Limited is an oil and gas exploration and production company listed on ASX under code 'MPO', with management based in Calgary, Alberta, Canada. Supported by a strong balance sheet, the Company has been predominantly focused on the development of its Wolfcamp shale oil resource play in the Permian Basin, Texas, USA. In addition, Molopo also has oil assets in Saskatchewan, Canada; an onshore gas project in South Africa, and a shale gas asset in Quebec, Canada.
  Molopo Energy Snapshot

Share Price
1: AUD$0.33
Market Cap
1: AUD$81MM
Net Cash
2: US$71MM

1. Market figures as at 30 January 2013
2. Balance sheet amounts as at 31 December 2012

This press release contains certain forward-looking statements. These statements relate to future events or future performance of the Company. When used in this press release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "predict", "seek", "propose", "expect", "potential", "continue", and similar expressions, are intended to identify forward-looking statements. These 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. Such statements reflect the Company's current views with respect to certain events, and are subject to a number of risks, uncertainties and assumptions. Many factors could cause Molopo's actual results, performance, or achievements to materially differ from those described in this press release. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in other public disclosures made by the Company or this press release as intended, planned, anticipated, believed, estimated, or expected. Furthermore, statements relating to "reserves" or "resources" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the resources and reserves described can be produced profitably in the future. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary declaration. These statements speak only as of the date of this press release. The Company does not intend and does not assume any obligation, to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.

Molopo Energy Limited
Steve Cloutier
Managing Director & CEO
+1.403.648.3594 Direct
Molopo Energy Limited
Cindy Gray
VP Capital Markets
+1.403.648.8026 Direct
Molopo Energy Limited
+ 61 3 9618 8704 (Australia local)
Companies Mentionned : Energy X X I | Molopo |
Data and Statistics for these countries : Australia | Canada | South Africa | All
Gold and Silver Prices for these countries : Australia | Canada | South Africa | All

Molopo Australia Ltd

ISIN : AU000000MPO7
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
Projects & res.
Asset profile
Contact Cpy

Molopo is based in Australia.

Molopo is listed in Australia. Its market capitalisation is AU$ 32.4 millions as of today (US$ 23.4 millions, € 21.0 millions).

Its stock quote reached its highest recent level on February 04, 2011 at AU$ 1.15, and its lowest recent point on February 27, 2015 at AU$ 0.12.

Molopo has 249 040 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
Nominations of Molopo Australia Ltd
3/18/2013Announces Appointment of New North American Director
1/16/2013Energy Limited: CEO Appointment and Strategy Review
1/16/2013Energy Limited: CEO Appointment and Strategy Review
Project news of Molopo Australia Ltd
11/1/2012(Queensland)Announces Closing of Queensland Asset Sale
10/24/2012Announces Well Results, Update on Production and Capital Exp...
10/1/2012(Queensland)Energy Limited: Purchaser of Queensland Asset Requests Exten...
9/21/2012Awarded First Onshore Gas Production Right in South Africa
Corporate news of Molopo Australia Ltd
9/2/2015Notice of Ceasing to be a Substantial Holder in MPO
8/26/2015Sale of Shares in Molopo Energy
2/17/2014Form 604 MPO Change in Substantial Holding from QUE
2/17/2014Notice of Change of Substantial Holding from BEL (MPO)
12/20/2013Notice of Initial Substantial Holder from BEL
12/20/2013Notice of Initial Substantial Holder from QUE
12/20/2013Notice of Initial Substantial Holder from OEQ and QUE
11/28/2013Change in substantial holding
4/8/2013Announces 2013 Capital Budget and Outlook
1/30/2013Energy Limited : Quarterly Report for the 3 Months Ended 31 ...
1/2/2013Energy Announces Message to Shareholders, December 2012 Oper...
12/20/2012Energy Announces Preliminary Well Results from 54-1H
11/28/2012Energy Announces November 2012 Operational Update & Corporat...
10/30/2012Energy Limited: September 2012 Quarterly Report
10/15/2012Energy to Present at the Canaccord Global Resources Conferen...
10/1/2012Energy Limited: September 2012 Operational Update
9/3/2012Energy Limited: August 2012 Operational Update First Barnhar...
8/30/2012Energy Limited: Preliminary Well Results in Texas
8/30/2012Energy Limited: Profit Guidance For Full Year Ended 30 June ...
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
AU$ 0.130
05/27 04:53 -
Prev close Open
0.130 0.120
Low High
0.120 0.130
Year l/h YTD var.
0.125 -  0.145 -10.34%
52 week l/h 52 week var.
0.125 -  0.180 -13.33%
Volume 1 month var.
156,815 -3.70%
24hGold TrendPower© : 15
Explores for
Interactive chart Add to compare
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
5 years chart
3 months chart
3 months volume chart
Mining Company News
Ormat technologiesORA
Document: Insider Ownership
US$ 43.38+0.21%Trend Power :
Anglo Asian Mining(Au-Cu)AAZ.L
FY2015 Results - Record gold production of 72Koz; 28.6Koz silver; 969t copper; and total revenues of
GBX 9.88-3.61%Trend Power :
Royal Gold(Ag-Au-Cu)RGLD
Royal Gold Announces Third Quarter Dividend
US$ 55.02-1.49%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Announces New Nominees to Board of Directors
CA$ 0.18-11.90%Trend Power :
Hecla Mining(Cu-Le-Zn)HL
Hecla to Acquire Mines Management
US$ 3.91-3.69%Trend Power :
Board Increases Dividend
US$ 45.53+0.55%Trend Power :
Ormat technologiesORA
Ormat Technologies Secures $36 Million Supply EPC Contracts for a Geothermal Power Plant in New Ze
US$ 43.38+0.21%Trend Power :
Ivanhoe Mines(Ag-Au-Cu)IVN.TO
Kamoa Copper Project initiates major drilling program at the ne
CA$ 0.99-3.88%Trend Power :
Energy Fuels(Cu-Ni-Zn)EFR.TO
Announces Election of Directors and Results of Shareholder Meeting and Filing of Renewal of Prelimin
CA$ 2.87-2.71%Trend Power :
Claude Resources(Au-Cu-Ngas)CRJ.TO
Shareholders approve acquisition of Claude Resources by Silver Standard
CA$ 2.08-6.73%Trend Power :
Enters into $20.4 Million Deal with De Beers
CA$ 0.60+0.00%Trend Power :
Treasury MetalsTML.TO
Closing $4.0 Million Offering
CA$ 0.48-2.04%Trend Power :
American ManganeseAMY.V
CA$ 0.02-20.00%Trend Power :
Closes $7.25 Million Combined Flow-Through and Hard Dollar Private Placements
CA$ 0.22-4.44%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q1 2016 and Operations Update
CA$ 0.18-11.90%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Stornoway Announces Results From Annual General Meeting
CA$ 0.98+0.00%Trend Power :
Pure Gold.(Cu-Fe-Au)PGM.V
Intersects 10.9 g/t gold over 9.8 metres, Including 27.0 g/t gold over 3.8 Metres at the McVeigh Hor
CA$ 0.60-4.76%Trend Power :
Harvest Natural(Ngas-Oil)HNR
Announces 2016 First Quarter Results
US$ 0.43-4.44%Trend Power :
Premier Gold Mines(Au)PG.TO
Strengthens Senior Management
CA$ 2.82-5.37%Trend Power :
St Barbara(Au-Cu-Ni)SBM.AX
Presentation to Melbourne Mining Club
AU$ 2.66+3.50%Trend Power :