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Pine Cliff Energy Ltd. Announces Second Quarter 2023 Results, Operational Update, Update to 2023 Guidance and Declaration of Monthly Dividend
Calgary, Alberta--(Newsfile Corp. - August 1, 2023) - Pine Cliff Energy Ltd.  (TSX: PNE) (OT...
About this update from Pine Cliff Energy Ltd.
[{"type":"text","content":"Pine Cliff Energy Ltd. Announces Second Quarter 2023 Results, Operational Update, Update to 2023 Guidance and Declaration of Monthly DividendCalgary, Alberta--(Newsfile Corp. - August 1, 2023) - Pine Cliff Energy Ltd. (TSX: PNE) (OTCQX: PIFYF) (\"Pine Cliff\" or the \"Company\") announces second quarter financial and operating results, an operational update, an update to 2023 guidance and, declaration of the monthly dividend.Second Quarter 2023 ResultsResults from the second quarter include:generated $12.0 million ($0.03 per basic and fully diluted share) and $31.9 million ($0.09 per basic and fully diluted share) of adjusted funds flow1 for the three and six months ended June 30, 2023, compared to $55.8 million ($0.16 per basic and $0.15 per fully diluted share) and $88.1 million ($0.26 per basic and $0.25 per fully diluted share) for comparable periods in 2022;paid dividends of $11.5 million ($0.03 per basic and fully diluted share) and $22.9 million ($0.06 per basic and fully diluted share) during the three and six months ended June 30, 2023, compared to $2.9 million ($0.01 per basic and fully diluted share) for the comparable periods in 2022;positive net cash of $49.3 million at June 30, 2023;production averaged 20,198 Boe/d2 and 20,137 Boe/d3 for the three and six months ended June 30, 2023, 5% and 3% lower than the comparable periods in 2022; drilled one gross (0.7 net) North Twining Unit (\"NTU\") Pekisko oil well and completed and tied-in three (2.1 net) NTU Pekisko oil wells during the second quarter; and;generated net loss of $0.9 million (($0.00) per basic and fully diluted share) and net earnings of $4.0 million ($0.01 per basic and fully diluted share) for the three and six months ended June 30, 2023, compared to net earnings of $50.2 million ($0.15 per basic and $0.14 per fully diluted share) and net earnings of $65.6 million ($0.19 per basic and $0.18 per fully diluted share) for comparable periods in 2022.Operational UpdatePine Cliff drilled one gross (0.7 net) NTU Pekisko oil well in the second quarter that, along with two gross (1.4 net) NTU Pekisko oil wells drilled during the first quarter, were all completed, tied-in and placed on production by the end of the second quarter. Average production from these three gross (2.1 net) wells in the month of July was approximately 1,150 Boe/d4 per well, ...