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Lycos Energy Inc. Announces 2024 Reserves, Exploratory Drilling Update and the Initiation of a Comprehensive Strategic Review Process to Maximize Shareholder Value
Calgary, Alberta--(Newsfile Corp. - March 4, 2025) - Lycos Energy Inc. (TSXV: LCX) (" Lycos " or ...
About this update from Lycos Energy Inc
[{"type":"text","content":"Lycos Energy Inc. Announces 2024 Reserves, Exploratory Drilling Update and the Initiation of a Comprehensive Strategic Review Process to Maximize Shareholder ValueCalgary, Alberta--(Newsfile Corp. - March 4, 2025) - Lycos Energy Inc. (TSXV: LCX) (\"Lycos\" or the \"Company\") is pleased to provide the results of the Company's 2024 year-end reserves evaluation as prepared by Sproule International Limited (\"Sproule\"), an exploratory drilling update and the initiation of a comprehensive strategic review process to identify, examine and consider strategic and financial alternatives available to the Company with the ultimate view of enhancing shareholder value (the \"Strategic Review\"). 2024 Year End Reserve HighlightsLycos' 2024 drilling program has increased the Company's reserve volume base through pool extensions, adding Proved Developed Producing (\"PDP\") reserves of 98 Mboe per well and Proved plus Probable Developed Producing (\"P+PDP\") reserves of 109 Mboe per well.The Company's 2024 Total Proved (\"TP\") and Total Proved plus Probable (\"TPP\") Net Asset Value (\"NAV\") is $3.50 per diluted share (\"Diluted Share\") and $5.79 per Diluted Share. Lycos' TP NAV includes 65.5 net booked locations(1), representing 18.4% of the Company's net internally identified drilling locations(1). The TP NAV and TPP NAV per Diluted Share are approximately 61% and 166% higher than Lycos' current trading price of $2.18 per share.The Company's 2024 Reserve Report (as defined herein), net of the 2024 dispositions(1)(2) to opening 2023 reserves, is highlighted as follows: PDP reserves increased by 33% to 4.1 MMboe from 3.1 MMboeTP reserves increased by 26% to 10.6 MMboe from 8.4 MMboeTPP reserves increased by 15% to 16.8 MMboe from 14.7 MMboeAchieved Finding and Development (\"F&D\") costs(3) of, including changes in future development costs of $26.10 per boe on a PDP basis, $21.97 per boe on a TP basis and $17.23 per boe on a TPP basisProduction replacement(3) of 82% on a TP basis and 82% on a TPP basisBased on a 2024 adjusted funds flow netback(4)(5) of $36.05/boe, achieved recycle ratios(3) of 1.4 on a PDP basis, 1.6 on a TP basis and 2.1 on a TPP basis(1) Disclosure of Oil and Gas Information(2) See table titled \"Reconciliation of Company Gross Reserves on Forecast Prices and Costs\" below(3) See Oil and Gas Metrics(4) See Non-IFRS M...