By Jaime Llinares Taboada
Challenger Energy Group PLC on Tuesday reported higher oil production, sales and operating cashflows in Trinidad and Tobago for the second quarter of the year. Here’s what the energy company had to say:
“Total gross oil production for 2Q 2022 was 34,159 barrels equating to approximately 375 barrels of oil per day (bopd), representing an approximately 6% increase over 1Q 2022 (358 bopd).”
“Total oil sales in 2Q 2022 amounted to 31,170 barrels, representing approximately a 5% increase over 1Q 2022, with a gross realised average price per barrel sold of $97.45, representing approximately a 17% increase over 1Q 2022.”
“Revenue received by the company from oil sales (being gross revenues less government royalties and mandatory source deductions and adjustments applicable under the relevant licences), amounted to approximately $1.4 million in 2Q 2022. This represents average net revenue to the company of $45.15 per barrel sold, an approximately 15% increase over 1Q 2022.”
“In total, the company’s operations in Trinidad and Tobago generated an (unaudited) pre-tax operating cash surplus in 2Q 2022 of approximately $0.4 million (1Q 2022: $0.2 million).”
“Compared to the first quarter production was up, oil sales were up, and cash flows being generated in-country have increased.”
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT
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