Renaissance Oil (TSXV:ROE) released its Q4 and full year report results which featured a production and revenue increase. According to Renaissance, improved production and sales prices resulted in a record level of quarterly revenue, C$6.4 million, in the fourth quarter, an increase of 17 percent from the previous quarter, and 39 percent higher than in the fourth quarter of 2016.
As quoted in the press release:
Fourth Quarter Highlights
- Operating netbacks reached a record level of C$745,851, in the fourth quarter, an increase of 9 percent from the previous quarter, and 136 percent higher than in the fourth quarter of 2016
- Fourth quarter production improved to 1,667 Boe/d compared to 1,634 Boe/d in the third quarter and 1,618 Boe/d in the fourth quarter of 2016
- Renaissance, in conjunction with LUKOIL, initiated the field evaluation program for the Amatitlán contract and spud its first well in addition to completing workovers and repair operations on five existing wells restoring production to the block
- The Company closed on gross proceeds of C$4.2 million via the issuance of common shares
“The fourth quarter of 2017 was a landmark period for Renaissance, and LUKOIL, where the partnership embarked on the drilling of its first well in Mexico and initiated the field evaluation program at the Amatitlán block in Veracruz, Mexico. The Amatitlán drilling program has been very active into 2018, including the drilling of nine new wells targeting the shallow Chicontepec formations, of which six have recently been put on production and three are currently undergoing completion operations.
Drilling of the tenth Chicontepec well has now commenced. The operations team has incorporated new drilling and completion techniques to Mexico, thereby reducing costs and time to bring new wells on production. Renaissance has also completed workovers and repair operations on five wells of a scheduled six well workover program,” noted the president’s message.