Xcite Energy Resources Limited, the BVI company engaged in oil exploration and development of heavy oil resources in the North Sea, announced its financial results for the 3 month period ended 31 March 2014. The company reported net loss of £0.04 million, which includes unrealised net foreign exchange gains of £0.3 million on a weakening US dollar over the 3 month period. As at 31 March 2014, company’s cash balance was £17.4 million.
Among the company’s highlights in these three months, there is Material Licence extension granted by the Department of Energy and Climate Change for the Bentley field until 31 December 2016, as well as Memoranda of Understanding signed with AMEC, Arup and Teekay, marking the first, important stage in the industry service provider partnership solution for the development of the Bentley field.
Also, Xcite Energy signed Collaboration Agreement with Statoil (U.K.) Ltd. and Shell U.K. Ltd., for the sharing of technical and operational information to evaluate potential synergies and collaboration in the development of the Bentley and Bressay oil fields.
BVI-registered company Nam Tai Property Inc., formerly known as Nam Tai Electronics, Inc., announced its unaudited financial results for the first quarter ended March 31, 2014. The original core business of the company including Shenzhen and Wuxi operations were classified as discontinued, and disclosed separately as (loss) income from discontinued operations, not included in the presentation for continuing operations.
According to the results presented by Nam Tai Property, net sales, operating loss for the first quarter of 2014 was US$1.8 million, that is US$0.2 million less than in the same quarter of 2013. The net sales in the reported period of 2014 were US$50.6 million as compared to US$185.2 million in the first quarter of 2013, gross profit was US$2.5 million (US$7.7 million in Q1 2013), and operating loss was US$15.6 million (compared to US$3.2 million operating income in Q1 2013).
The net loss reported by the BVI company in the first quarter of 2014 was US$21.6 million, or US$0.48 per diluted share, as compared to net income of US$5.0 million, or US$0.11 per diluted share, in the same quarter of 2013.
In the end of April, BVI-registered international public company Orca Exploration Group Inc. announced its financial results for year period ended 31 December 2013. In the reported period, company’s earnings suffered with the company posting a US$5.9 million loss after tax, or US$0.17 loss per share diluted – as compared to income of US$18.4 million, or US$0.52 per share, in the year ended 31 December 2012.
The 9 per cent increase in Additional Gas sales volumes and 8 per cent increase in the average gas price made increased gross revenue, but the lack of Cost Pool recoveries due to minimal capital spending reduced Orca’s share of revenue to US$54.7 million, as compared to US$77.3 million in 2012. Also, as a result of lower net revenues, company’s funds flow from operating activities decreased 14 per cent from US$46.3 million, or US$1.33 per share in 2012 to US$39.8 million, or US$1.15 per share, in the reported year.
At the end of the year, BVI company’s working capital was US$27.8 million, down 41 per cent from US$46.8 million in 2012, as a result of reclassifying US$47.0 million of TANESCO debt as a long-term receivable.
As at 31 December 2013, Orca Exploration had US$32.6 million in cash and US$1.7 million in debt. Currently the company has US$35 million in cash and no debt.