With the view to delivering a strategy of maximizing the return to shareholders from the Company's current assets, the Board of Directors appointed Mr. Steven Cloutier as Chief Executive Officer and Managing Director of Molopo subsequent to the end of the Quarter, succeeding Mr. Tim Granger. In concert with a special Board committee, Mr. Cloutier is working to develop and implement a renewed approach to executing on the organization's North American strategy, including a capital budget for 2013.
QUARTERLY FINANCIAL & PRODUCTION SUMMARY----------------------------------------------------------------------------Figures are Molopo net Three Months Three Months in US dollars Ended 31 Dec Ended 30 Sep Change (accruals basis) CANADA USA OTHER '12 '12 %----------------------------------------------------------------------------Exploration & development expenditure incurred(1)($'000) - 22,254 - 22,254 25,762 (14%)----------------------------------------------------------------------------Sales Volume (Boe) 12,416 71,935 - 84,351 36,895 129%----------------------------------------------------------------------------Sales Proceeds(1)($'000) 994 3,018 - 4,012 2,492 61%----------------------------------------------------------------------------(1) Sales proceeds is the gross amount from production before royalties and operating costs.
To access the Appendix 5B, please visit the ASX Announcements page of Molopo's website at www.molopo.com.au.
JANUARY OPERATIONAL UPDATE
No new drilling activity was undertaken through the month. Until Molopo has confirmed and communicated its 2013 budget, operational activities will be limited to maintaining existing wells with a view to optimizing production.
Molopo will provide future operational updates on its development activities on a quarterly basis or as circumstances warrant, in accordance with ASX policies.
--------------------------------------------------------------------------------------------------------------------------------------------------------About Molopo Energy Limited Molopo Energy SnapshotMolopo Energy Limited is an oil and ASX Code: MPOgas exploration and production Share Price(1): AUD$0.33company listed on ASX under code Market Cap(1): AUD$81MM'MPO', with management based in Net Cash(2): US$71MMCalgary, Alberta, Canada. Supportedby a strong balance sheet, the 1. Market figures as at 30 JanuaryCompany has been predominantly 2013focused on the development of its 2. Balance sheet amounts as at 31Wolfcamp shale oil resource play in December 2012the Permian Basin, Texas, USA. Inaddition, Molopo also has oil assetsin Saskatchewan, Canada; an onshoregas project in South Africa, and ashale gas asset in Quebec, Canada.--------------------------------------------------------------------------------------------------------------------------------------------------------
This press release contains certain forward-looking statements. These statements relate to future events or future performance of the Company. When used in this press release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "predict", "seek", "propose", "expect", "potential", "continue", and similar expressions, are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company's current views with respect to certain events, and are subject to a number of risks, uncertainties and assumptions. Many factors could cause Molopo's actual results, performance, or achievements to materially differ from those described in this press release. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in other public disclosures made by the Company or this press release as intended, planned, anticipated, believed, estimated, or expected. Furthermore, statements relating to "reserves" or "resources" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the resources and reserves described can be produced profitably in the future. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary declaration. These statements speak only as of the date of this press release. The Company does not intend and does not assume any obligation, to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.
Contacts:
Molopo Energy Limited
Steve Cloutier
Managing Director & CEO
+1.403.648.3594 Direct
Molopo Energy Limited
Cindy Gray
VP Capital Markets
+1.403.648.8026 Direct
Molopo Energy Limited
+ 61 3 9618 8704 (Australia local)
[email protected]
www.molopo.com.au
