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BRIEF-Kelt Exploration Q3 Adjusted FFO Per Share C$0.25

Published 2018-11-09, 08:22 a/m
Updated 2018-11-09, 08:30 a/m
BRIEF-Kelt Exploration Q3 Adjusted FFO Per Share C$0.25

BRIEF-Kelt Exploration Q3 Adjusted FFO Per Share C$0.25

Nov 9 (Reuters) - Kelt Exploration Ltd KEL.TO :

* KELT REPORTS FINANCIAL AND OPERATING RESULTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2018

* Q3 ADJUSTED FFO PER SHARE C$0.25

* Q3 REVENUE C$100.2 MILLION

* Q3 FFO PER SHARE C$0.25

* QTRLY AVERAGE PRODUCTION WAS 26,204 BOE PER DAY, UP 16%

* REALIZED AVERAGE OIL PRICE DURING Q3 OF 2018 WAS $80.62 PER BARREL, UP 51%

* REDUCED ITS ANNUAL 2018 AVERAGE PRODUCTION ESTIMATE TO BE WITHIN A RANGE OF 27,000 TO 28,000 BOE PER DAY

* QTRLY PETROLEUM AND NATURAL GAS REVENUE, BEFORE ROYALTIES C$100.2 MILLION VERSUS C$56.4 MILLION

* SEES FY CAPITAL EXPENDITURES, NET OF DISPOSITIONS $287.0 MILLION

* SEES FY FFO $1.04

PER SHARE

* PREPARED ITS 2019 FINANCIAL GUIDANCE BASED ON A CAPITAL EXPENDITURE BUDGET OF $270.0 MILLION

* ESTIMATED AVERAGE PRODUCTION OF 33,500 TO 34,500 BOE PER DAY IN 2019

* PRODUCTION MIX IS EXPECTED TO BE WEIGHTED 47% TO OIL & NGLS AND 53% TO GAS IN 2019

* ESTIMATED FUNDS FROM OPERATIONS OF $240.0 MILLION, OR $1.23 PER SHARE, IN 2019

* 2018 CAPITAL EXPENDITURE PROGRAM INCLUDES ABOUT $60.0 MILLION OF DRILLING AND COMPLETION EXPENDITURES FOR WELLS

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