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Briko Energy Corp. Second Quarter 2020 Results
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Briko Energy Corp. reported its Q2 2020 results.
Financial & Operating Highlights:
- Average daily production of 600 boe per day for the three months ended June 30, 2020 compared to 715 boe per day for the three months ended June 30, 2019.
- Approximately 50 barrels per day of oil production was shut in during the second quarter of 2020 due to the 35% decrease in the Corporation’s revenue per boe from the significant reduction in global oil prices.
- Decreased net operating expenses per boe by 12% to $9.50/boe for the three months ended June 30, 2020 as compared to $10.82/boe for the three months ended June 30, 2019.
- Decreased G&A expenses per boe by 44% to $2.32/boe for the three months ended June 30, 2020 as compared to $4.12/boe for the three months ended June 30, 2019.
- Adjusted funds flow for the three months ended June 30, 2020 of $185,000 ($0.02/share) compared to $372,000 (0.04/share) for the three months ended June 30, 2019.
- Maintained a strong Liability Management Rating (“LMR”) of 7.9 at June 30, 2020.
Q2 Results Overview
Guidance
Briko’s estimated production for the third quarter of 2020 is in the range of 525 – 575 boe/d and 2020 estimated production is in the range of 500 – 600 boe/d. Briko continues to establish a prudent capital expenditure program focussed on maintenance and optimization initiatives that is anticipated to be funded by adjusted funds flow for 2020.
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