Daily production from “Bahar” and “Gum-deniz” fields in first quarter of 2017 made 865 barrels of oil, 20.7 mln cubic feet of gas or equivalent of 4,309 barrels of oil.
Report informs, the Greenfields Petroleum Corporation has reported.
In the first quarter of 2017, total average legal sales of “Bahar Energy” Ltd. amounted to equivalent of 3,591 barrels of oil, including 709 barrel of crude oil and 17,296 mln cubic feet of natural gas per day.
According to information, comparing to similar period in 2016, oil sales declined by 20%, but gas sales and overall sales in oil equivalent up respectively by 27% and 14%.
In the first quarter of this year, “Bahar Energy” Ltd sold one barrel of oil for $ 48.20 in average. The oil price in the same period of last year was $ 30.84/barrel. The selling price of natural gas was $3.96/thousand cubic feet both this year and in the same period in 2016. This is a stable price, according to the agreement.
In reporting period, the Greenfields Petroleum Corporation had $ 1.4 mln loss, which means $ 0.01 loss per share. The company’s net loss in first quarter in 2016 was $3.6 mln or $0.16 per share. The company’s income in first quarter of 2017 has made $9.2 mln.
It was noted that in the first quarter of 2017, operation cost of “Bahar Energy” operating company was on envisaged in the budget level, capital expenditures were significantly lower. In reporting period, 5 major renewal and 10 service repair works were carried out in “Gum deniz” field.
Major overhaul in a well of “Bahar” gas field has been completed. The well “Bahar-83” initially was put into operation with 2.2 mln cubic feet of production indicator. Repair works started in two other gas wells, which will end in the second quarter of 2017. Some construction works in the fields, including repair of fundaments, were carried out in the first quarter.
Notably, currently “Bahar Energy” Ltd. is a subsidiary company fully owned by Greenfields Petroleum Corporation.
