Q1 2015 financial & operational report
FINANCIAL SUMMARY
- No revenue to report during the quarter, result before tax for the Gripen Group’s first quarter amounted to SEK -0.9 million (-0.9) with a result per share of -0.04 (-0.01).
- Approximately SEK 3.1 million (10.9) in cash at the end of March 2015.
Gripen Oil & Gas AB (publ), (GOG), focussed on exploring for and producing oil and gas in Sweden, announces an operational and unaudited financial update for the first quarter ending 31st of March 2015.
OPERATIONAL SUMMARY
GOG has been actively working on both the gas discoveries in Östergötland and finalising oil prospects on Gotland. In addition to the work on our existing permits we have been actively pursuing opportunities in the Baltic Region.
- Östergötland Activities
The results of the Extended Well Tests conducted in the Ekebyborna area are being studied. The primary purpose of the study is to refine our existing reservoir model to understand the variations that exist in gas flow from well to well.
In preparation for the next step in developing the gas resource in Östergötland we have identified the location of a ten well pilot development. As part of this mini development we have entered into an agreement with AGA Gas AB to buy compressed methane gas at the wellhead.
The sales contract with AGA Gas AB is an essential part of moving the contingent resources of gas to proved reserves.
- Gotland Activities
Five well locations have been finalised for drilling operations and discussed with landowners and the kommun. Bids have been received for the drilling operation.
Additional seismic data has been collated into the database for the newly awarded Risungs Permit.
In February 2015 we entered into a letter of intent with a Swedish refinery to sell any crude oil discovered on Gotland.
- New Ventures
GOG has been actively pursuing new business opportunities in the Baltic region and in other basins onshore Europe. The company is continuously evaluating different alternatives to fund new business activities.
Important events after the reporting period:
GOG has submitted an application for 4 exploration and production licences offshore Lithuania. The permits cover approximately 4,250km2 in water depths from 10-120 m. The work already carried out by the Geological Survey of Lithuania has identified 20-30 prospects with potential reserves of 20-60 million barrels of oil in each prospect.
This application is a significant step for GOG as it is our first offshore activity and a successful exploration programme has the potential to change the company.
On 29th April 2015 Niclas Biörnstad resigned as CEO of the GOG Group. Stephen Crabtree was appointed as the Groups new CEO following Niclas’s resignation.
FINANCIAL SUMMARY
- No revenue to report during the quarter, result before tax for the Gripen Group’s first quarter amounted to SEK -0.9 million (-0.9) with a result per share of -0.04 (-0.01).
- Approximately SEK 3.1 million (10.9) in cash at the end of March 2015.
AUDITORS REVIEW
This interim report has not been subject to a special review by the Company’s auditors.
ANNUAL GENERAL MEETING
The annual general meeting will be held on the 29th of May 2015 at 10.00 in Stockholm.
Premise for the General Meeting is the companies address Vasavägen 76 at Lidingö.
UPCOMING REPORTS
| Q2 and 6 months interim report 2015: | August 20th 2015 |
| Q3 and 9 months interim report 2015: | November 12th 2015 |
| Q4 and Year End report 2015: | February 18th 2016 |
CONTACT:
Stephen Crabtree
T: +46 72 526 69 88
Web site: www.gripenab.com
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