Business
ROK Resources Files Financial Results and Management Discussion & Analysis for the Second Quarter of 2024 and Provides Operations Update
NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES REGINA, ...
About this update from Rok Resources, Inc. Class B
[{"type":"text","content":"ROK Resources Files Financial Results and Management Discussion & Analysis for the Second Quarter of 2024 and Provides Operations UpdateNOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES REGINA, SK / ACCESSWIRE / August 21, 2024 / ROK Resources Inc. (\" ROK \" or the \" Company \") (TSXV:ROK)(OTCQB:ROKRF) has filed its interim Financial Results and Management Discussion & Analysis for the six months ended June 30, 2024.The Company executed on its previously announced post spring-break up drilling program in late Q2 2024, utilizing Funds Flow of $5.0 million towards the drilling of 4 gross (3.44 net) wells in Southeast Saskatchewan. The Company purposefully utilized Q1 2024 to deliver on: (i) debt reduction, (ii) improvement of operational efficiencies, (iii) strategic well optimizations, and (iv) advancement of the lithium project, and began its Southeast Saskatchewan development program in the second quarter.The Company remains well positioned to continue its 2024 drilling program through year-end, with the flexibility to allocate capital across its light oil prospects in Saskatchewan. Despite operational delays due to abnormally wet weather in Q2 2024, the Company's 2024 guidance remains relatively unchanged. 1H 2024 Guidance 1H 2024 Actuals 2H 2024 Guidance 2024 Year Guidance Capital Expenditures (MM) $9.50 $8.00 $16.00 $24.00 Exit Production (boepd) 1,2 4,000 3,805 4,500 4,500 Funds from Operations (MM) $15.00 $15.03 $15.00 $30.03 Exit Adjusted Net Debt (MM) $16.50 $15.10 $20.00 $20.00 Average WTI (US$) $78/bbl $80/bbl $75/bbl $76.50/bbl Notes:63% liquids300 boepd shut-in on June 15, 2024 at Kaybob due to AECO pricing2H 2024 production guidance assumes Kaybob volumes are back on-stream before year-endQ2 2024 HIGHLIGHTSProduction In-line with Forecast: Production averaged 3,937 boepd (63% liquids), a YoY increase of 19.4%;Operating Netback Increase: Operated Netback of $17.87 per boe compared to $16.06 per boe in Q1 2024;Successful Frobisher Drill Program: Drilled 4 gross (3.44 net) wells with an average IP30 of 148 boepd;Successful Optimization Program: Continued success with casing gas compressor installations on Midale producers, resulting in average capital efficiencies of $3,850/boepd and 4-to-6 month payouts;Adjusted Net Debt Reduction: Adjusted Net Debt reduced from $18.7 million at...