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Lycos Energy Inc. Announces Q3 2023 Financial Results, Land Acquisition and Director Retirement
Calgary, Alberta--(Newsfile Corp. - November 22, 2023) - Lycos Energy Inc. (TSXV: LCX) (" Lycos "...
About this update from Lycos Energy Inc
[{"type":"text","content":"Lycos Energy Inc. Announces Q3 2023 Financial Results, Land Acquisition and Director RetirementCalgary, Alberta--(Newsfile Corp. - November 22, 2023) - Lycos Energy Inc. (TSXV: LCX) (\"Lycos\" or the \"Company\") is pleased to announce its operating and financial results for the three and nine months ended September 30, 2023. Selected financial and operating information is outlined below and should be read with Lycos' unaudited condensed interim consolidated financial statements and related management's discussion and analysis (\"MD&A\") for the three and nine months ended September 30, 2023 and 2022 that have been filed on SEDAR+ at www.sedarplus.ca and are available on the Company's website at www.lycosenergy.com. Q3 2023 Financial and Operating HighlightsHighlights for the three months ended September 30, 2023 include: Generated average third quarter production of 3,043 boe/d (99% crude oil) and exit production of over 4,000 boe/d (99% crude oil) for the month of September. This represents a 181% increase from the third quarter of 2022 of 1,083 boe/d (99% crude oil) and a 5% increase from the second quarter of 2023 of 2,908 boe/d (99% crude oil). Current production is over 4,200 boe/d.Adjusted funds flow from operations(1) was $10.8 million representing a 679% increase from $1.4 million in the third quarter of 2022 and a 54% increase from $7.0 million in the second quarter of 2023.Operating netback, including financial derivatives(1) was $43.15 per boe representing a 93% increase from $22.37 per boe in the third quarter of 2022 and a 39% increase from $31.02 per boe in the second quarter of 2023.Executed a $20.9 million capital expenditure program bringing onstream three multi-leg fishbone wells (including two extended reach sweeper fishbone wells at 17 kilometers and 20 kilometers of drilled reservoir respectively) and three multi-lateral wells (including two new generation wine rack wells) in the quarter. These wells came onstream at the end of September 2023. Lycos commenced drilling one additional multi-lateral wine rack well that will be brought onstream in the fourth quarter of 2023. The Company invested $3.0 million on its redesigned drilling fluid system, implemented to enhance well performance, where drilling fluids will be recycled and utilized for the fourth quarter 2023 and future drilling programs.(1) See Non...