Hemisphere Energy Corporation: Hemisphere Energy Announces 2021 First Quarter Financial and Operating Results
(TSXV: HME)
(OTCQX: HMENF) ( Hemisphere or the Company ) is pleased to provide its financial and operating results for the first quarter ended March 31, 2021.
The first quarter of 2021 yielded excellent results for Hemisphere. Production averaged 9% higher than the fourth quarter, as wells started to respond to injector conversions done late in 2020. Production has since climbed even further, averaging over 1,800 boe/d to date in the second quarter (99% heavy crude oil and 1% conventional natural gas), based on field estimates between April 1
st to May 16
th, 2021 and including an April turnaround and some downtime during facilities and pipeline work.
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Alexey Philippovskiy, ALROSA s CFO: Q1 saw a continued increase in demand for diamond jewelry from end consumers across all key markets, mainly in the US and China. In particular, the US market demonstrated a double-digits growth even against the 2019 results. Thanks to strong demand and relatively low stocks in the cutting sector, diamond producers managed to significantly improve sales, while prices recovered to the early 2020 levels by the end of Q1 21. ALROSA s Q1 sales totalled 15.5 m cts, up 65% y-o-y and 47% more than in Q1 19, delivering robust financial results for the quarter, with RUB 91 bn in revenue and a 5% y-o-y growth in EBITDA which came at RUB 33.5 bn. Impressive sales volumes, which were more than twice as high as production, and a seasonal decrease in capex translated into a 2.4x growth in Free Cash Flow toRUB 52.7 bn, record-high for this period.