Aviva Petroleum Inc - Interim Results, etc.
11 Agosto 1998 - 9:35AM
UK Regulatory
RNS No 4872j
AVIVA PETROLEUM INC.
11th August 1998
AVIVA ANNOUNCES FIRST HALF 1998 RESULTS
AND UPDATE ON GARNET MERGER PROPOSAL
Aviva Petroleum Inc. ("AVP") the Dallas based oil and gas exploration and
production company reported a net loss of $5,729,000 (18 cents per common
share) for the six months ended June 30, 1998, compared to a net loss of
$14,036,000 (45 cents per common share) for the corresponding 1997 period.
Non-cash write-downs of oil and gas properties of $4,725,000 (15 cents per
share) were the major factor contributing to the loss. The write-downs
resulted from a combination of substantially lower oil prices between January
and June 1998, a reduction in Colombian sales volume of approximately 93,000
barrels (40%), and a U.S. oil volume reduction of 15,000 barrels (36%) due to
major shut-ins at the Company's Main Pass Field. Upgrades at this location
are now complete and the platform has resumed operations.
The following Condensed Consolidated Statement of Operations (unaudited) will
be filed shortly with the U.S. Securities and Exchange Commission as part of
the Company's first half report on Form 10-Q.
On June 24, 1998, the Company and Garnet Resources Corporation (Garnet) signed
an Agreement and Plan of Merger, and on June 30, 1998 a Joint Proxy Statement
was filed with the U.S. Securities and Exchange Commission (SEC). Comments
from the SEC were received on August 5, 1998 and Aviva and Garnet managements
are incorporating these in order to issue a Proxy Statement to Aviva and
Garnet shareholders so that a shareholder vote on the proposed merger can be
taken at shareholder meetings to be held in late September.
In early August, leftist Colombian guerrillas mounted a nationwide offensive,
which has affected Aviva's operations in Southwestern Colombia. Estimates of
damage, losses, insurance coverage and extent of business interruption are
presently being assessed and will be announced when more details are
available.
Aviva is engaged in exploration for and development and production of oil and
gas in Colombia and offshore in the United States. In addition to its London
Stock Exchange listing, the Company's Depositary Receipts (one of which equals
five common shares) are traded on the American Stock Exchange under the ticker
symbol "AVV".
Safe Harbor for Forward-Looking Statements: Except for historical information
contained herein, the statements in this press release are forward-looking
statements that are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements involve
known and unknown risks and uncertainties which may cause the Company's actual
results in future periods to differ materially from forecasted results. These
risks and uncertainties include, among other things, general economic
conditions, volatility of oil and gas prices, the impact of possible
geopolitical occurrences world-wide, imprecision of reserve estimates, changes
in laws and regulations, unforeseen engineering and mechanical or
technological difficulties in drilling or working-over wells, and other risks
described in the Company's Annual Report on Form 10-K and other filings with
the Securities and Exchange Commission.
Further Information:
Ron Suttill Andrew Edwards
Aviva Petroleum Inc. Henderson Crosthwaite
Dallas, Texas Corporate Finance Limited
001 214 691 3464 0171 772 7081
George Collie
George Collie and Company
0171 603 7765
AVIVA PETROLEUM INC. AND SUBSIDIARIES
Condensed Consolidated Statement of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
June 30 June 30,
1998 1997 1998 1997
Oil and gas sales $ 914 $ 2,339 $ 2,060 $ 5,553
Expense:
Production 716 1,096 1,515 2,198
Depreciation, depletion
and Amortization 503 1,490 1,174 3,285
Write-down of oil and gas
Properties 1,961 11,413 4,725 13,399
General and 300 402 660 752
administrative
Total expense 3,480 14,401 8,074 19,634
Other income(expense):
Interest and other income
(expense), net 26 67 771 91
Interest expense (155) (162) (320) (328)
Total other income (129) (95) 451 (237)
(expense)
Loss before income taxes (2,695) (12,157) (5,563) (14,318)
Income taxes (benefits) 69 (547) 166 (282)
Net loss $ (2,764) $(11,610) $ (5,729) $(14,036)
Weighted average common
shares Outstanding 31,483 31,483 31,483 31,483
Basic and diluted net loss
per common share $ (.09) $ (.37) $ (.18) $ (.45)
END
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