Hemisphere Energy – Production Growth In H1 2023, Special Dividend Announced, Drilling And New Well Operational Update
Don Simmons, President and CEO of Hemisphere Energy (TSX.V:HME – OTCQX:HMENF) joins me to recap H1 2023, focused primarily on production and operational growth, dividends announced and paid and the purchase and cancellation of shares. I also get an update on the summer drill program and operational update on the news wells just come online. The Company is using polymer floods to enhance oil recovery in the Atlee Buffalo area in Alberta.
Starting with H1 2023, the Company saw a 9% boe/day increase on production compared to H1 2022. This production resulted in realized quarterly adjusted funds flow from operations (“AFF”)1 of $8.1 million, or $30.97/boe. I have Don recap the dividends paid to shareholders over that time and the cash on hand to undertake the summer drill program.
In the summer drill program the Company drilled 8 wells (6 production and 2 injector wells), with all of the production wells online by the end of Q3. I ask about the forecasted production for the remainder of this year and when we will find out the growth plans for 2024.
If you have any follow up questions for Don please email me at Fleck@kereport.com.