- Forza Petroleum Ltd. (FORZ) recorded a 20 per cent increase in revenue versus Q1 2022 and more than 600 per cent jump in profits compared to Q2 2021, in its financial and operational results for Q2 2022
- Revenue was $98.8 million for Q2 2022, consisting of an average realized sales price of $94.28/barrel of oil (bbl) on working interest oil sales of 877,500 bbl and $16.0 million in recovery of carried costs
- Profits were $31.5 million ($0.05 per common share) in Q2 2022 versus $4.4 million ($0.01 per common share) in Q2 2021
- The company had $43.5 million of cash and cash equivalents and net cash generated from operating activities was $45.6 million in Q2 2022 versus $14.6 million in Q2 2021
- The average gross of all oil production was 14,800 bbl/d (working interest 9,600 bbl/d) in Q2 2022
- Forza Petroleum (FORZ) was trading 3.13 per cent lower at $0.155 a share as of 12:30 pm ET
Forza Petroleum (FORZ) reported some gains in its financial and operational results for Q2 2022.
The company logged a 20 per cent increase in revenue versus Q1 2022 and more than 600 per cent jump in profits compared to Q2 2021.
Revenue was $98.8 million for Q2 2022, consisting of an average realized sales price of $94.28/barrel of oil (bbl) on working interest oil sales of 877,500 bbl and $16.0 million in recovery of carried costs.
Profits were $31.5 million ($0.05 per common share) in Q2 2022 versus $4.4 million ($0.01 per common share) in Q2 2021.
The company had $43.5 million of cash and cash equivalents and net cash generated from operating activities was $45.6 million in Q2 2022 versus $14.6 million in Q2 2021.
The average gross of all oil production was 14,800 bbl/d (working interest 9,600 bbl/d) in Q2 2022.
For the rest of the year, the company will continue to advance its work program, including the completion of the Ain al Safra-2 well, drilling one new well in each of the Tertiary and Cretaceous reservoirs of the Zey Gawra field, and redrilling the horizontal drain of the Zey Gawra-6 well in the Cretaceous reservoir. Planned facilities’ work for the rest of the year includes the installation of a pipeline connecting the Banan field to the Hawler production facilities at the Demir Dagh field.
Forza Petroleum’s Chief Executive Officer, Vance Querio, explained that higher oil prices and stable production further strengthened his company’s financial position during Q2 2022, as demonstrated by a cash and cash balance of $43.5 million at period end. The Corporation’s liquidity permits the continued execution of our work program for 2022.
“Although not immune to supply chain challenges and higher costs for certain operating items, we continue to maintain a high level of activity in the Hawler area while we pursue efforts to identify operating efficiencies and reduce unit operating cost. 2022 is on track to be Forza Petroleum’s most successful year yet.”
The Kurdistan Regional Government, at the tie-in to the Kurdistan Oil Export Pipeline, will fund Forza’s forecasted capital expenditures and operating and administrative costs through the end of September 2023.
Forza Petroleum Ltd. (FORZ) is an international oil exploration, development, and production company.
Forza Petroleum was trading 3.13 per cent lower at $0.155 a share as of 12:30 pm ET.
