Tuktu Resources Ltd (TUK) Q3 2024 earnings summary

Executive summary

• Q3 2024 production averaged 608 boe/d (50% crude oil), up 63% year-over-year, driven by asset acquisitions and a new light oil discovery well in southern Alberta contributing 174 bbl/d.

• Adjusted funds flow from operations rose 411% to $442 thousand compared to Q3 2023.

• Operating netback increased to $14.32/boe from $3.37/boe year-over-year, reflecting higher realized sales prices and oil production growth.

Financial highlights

• Petroleum and natural gas sales reached $2.51 million in Q3 2024, a 348% increase year-over-year.

• Net loss for Q3 2024 was $1.89 million, compared to a net loss of $264.7 thousand in Q3 2023.

• Capital expenditures totaled $597 thousand in Q3 2024, with $410 thousand allocated to the recompletion of the new light oil well.

• Adjusted working capital (net debt) was $(382) thousand at quarter-end.

Outlook and guidance

• Planning and design for the inaugural drilling program are underway, with drilling expected to commence in Q1 2025.