Add back unrealized foreign exchange loss 225 261 -14%
Cash flow used in operating activities, continuing
operations (967) (991) -2%
Indonesia - Discontinued Operations
General and administrative expense (Note 9) (40) (51) -22%
Other expense (82) (1)
Unrealized foreign exchange gain (loss) 84 32 163%
Indonesia -- Adjusted funds flow used in operations (38) (20) 90%
Add back changes in non-cash working capital,
discontinued
operations (91) (13) 600%
Settlement of decommissioning provision (22) -
Cash flow used in operating activities, discontinued
operations (151) (33) 358%
(1) Pan Orient holds a 50.01% equity interest in Pan Orient
Energy (Siam) Ltd. as a joint arrangement where the
Company shares joint control with the 49.99% equity
interest holder. The resulting joint arrangement is
classified as a Joint Venture under IFRS 11 and is
accounted for using the equity method of accounting
where Pan Orient's 50.01% equity interest in the assets,
liabilities, working capital, operations and capital
expenditures of Pan Orient Energy (Siam) Ltd. are
recorded in Investment in Thailand Joint Venture.
(2) As set out in the Consolidated Statements of Cash
Flows in the Consolidated Financial Statements of
Pan Orient Energy Corp.
(3) The East Jabung Production Sharing Contract ("PSC")
expired in January 2020 and the operator is continuing
to complete the final steps to be taken for formal
approval of the expiry from the Government of Indonesia,
including reclamation requirements. Pan Orient is
withdrawing from operations in Indonesia and the office
in Jakarta was closed March 31, 2020. For accounting
purposes, the operation in Indonesia for accounting
purposes is considered a discontinued operation since
2020.
(4) Refer to Commitments note disclosure of the March
31, 2022 and March 31, 2021 Interim Condensed Consolidated
Financial Statements.
(5) For the purpose of providing more meaningful economic
results from operations for Thailand, the amounts
presented include 50.01% of results of the Thailand
Joint Venture. Pan Orient has a 50.01% ownership interest
in Pan Orient Energy (Siam) Ltd., but does not have
any direct interest in, or control over, the crude
oil reserves, operations or working capital of on-shore
Concession L53.
(6) Total corporate adjusted funds flow from operations
is cash flow from operating activities prior to changes
in non-cash working capital, unrealized foreign exchange
gain or loss plus the corresponding amount from Pan
Orient's 50.01% interest in the Thailand Joint Venture
which is recorded in Joint Venture for financial statement
purposes. This measure is used by management to analyze
operating performance and leverage. Adjusted funds
flow as presented does not have any standardized meaning
prescribed by IFRS and therefore it may not be comparable
with the calculation of similar measures of other
entities. Adjusted funds flow is not intended to represent
operating cash flow or operating profits for the period
nor should it be viewed as an alternative to cash
flow from operating activities, net earnings or other
measures of financial performance calculated in accordance
with IFRS.
(7)(8) Cost of capital expenditures excluded decommissioning
costs and the impact of changes in foreign exchange.In December 2020,
the Company entered into an Automatic
Share Purchase Plan ("ASPP"), which permits an independent
broker to repurchase shares during certain blackout
periods under the Company's normal course issuer bid,
subject to agreed trading parameters and other instructions
for such purchases. At March 31, 2021, the Company
recognized a provision of $1.5 million (December 31,
2020 - $0.9 million) in accounts payable and accrued
liabilities as an estimate for the number of shares
that may be repurchased during the potential blackout
periods at the maximum share price under the ASPP.
(9) General & administrative expenses, excluding non-cash
accretion expense. Thailand operations includes a
small amount of G&A shown in the three months ended
March 31, 2022 and March 31, 2021 for Thailand operations
related to G&A of the holding company of Pan Orient
Energy (Siam) Ltd.
(10) Operating expense related to Andora's suspended demonstration
project facility and wellpair at Sawn Lake Central.
(11) The Company granted 1,050,000 and 520,000 restricted
share units ("RSUs") to directors, senior management,
employees and consultant on May 19, 2020 and May 14,
2021, respectively. At March 31, 2022, 599,998 RSUs
are outstanding. The amount represents the stock-based
compensation expenses.
(12) Realized and unrealized foreign exchange gain or loss
mainly related to the U.S. dollars denominated cash
balances held in Canada.
(13) In March 2022, Andora entered into an agreement with
a joint venture partner at Sawn Lake whereby Andora
acquired certain assets and assumed certain liabilities
at Sawn Lake. Assets acquired consist of (i) an additional
25% working interest in the Sawn Lake joint venture
(Sawn Lake Central Block), (ii) security deposits
of the vendor for Sawn Lake placed with the Alberta
Energy Regulator and other parties, and (iii) a payment
from the vendor of $578 thousand. In connection with
the acquisition, Andora assumed the abandonment and
reclamation costs, and natural gas tariff commitments
associated with the additional 25% working interest
in the Sawn Lake joint venture. Following the transaction,
Andora has a 75% working interest in the Sawn Lake
joint venture.
(14) In February 2022, the Company paid a $0.40 per share
special distribution to shareholders following shareholder
approval of a reorganization of the Company's share
capital. The amount paid on February 10, 2022 was
$19.9 million.
(15) Tables may not add due to rounding.
SOURCE Pan Orient Energy Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/12/c8286.html
/CONTACT:
Pan Orient Energy Corp., Jeff Chisholm, President and CEO (located in Bangkok, Thailand), Email: jeff@panorient.ca or Bill Ostlund, Vice President Finance and CFO, Telephone: (403) 294-1770, Extension 233
Copyright CNW Group 2022
$(END)$ Dow Jones Newswires
May 12, 2022 08:39 ET (12:39 GMT)
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