Last checked at 
(Alliance News) - Oil and gas firm Caspian Sunrise PLC on Wednesday said its monthly output fell in February, after pausing of production at Depp Well A5 in Kazakhstan.
The company added that the recent oil price falls will likely have an impact on its gross revenue.
Oil plunged on Monday after top exporter Saudi Arabia launched a price war in response to a failure by leading producers to strike a deal to support energy markets. This was after a failure by cartel OPEC and its allies to reach a deal to cut output.
On Monday morning, brent was quoted at USD36.04. The North Sea benchmark's year to date high is about USD71.
The total number of oil barrels Caspian produced in February 2020 was 38,626, a 13% contraction from 44,169 in January.
The daily rate also fell month-on-month by 6.5% to 1,332 barrels of oil per day from 1,425.
Caspian said: "The decline in daily production resulted principally from the impact of pausing production at Deep Well A5."
During February, the export price, after minor adjustments, fell 15% to USD50.5 per barrel from USD59.6 in January. The domestic price fell 5.0% to USD17.82 a barrel from USD18.75.
During the month, 64% of oil was sold at export price, compared with 66% in January.
Executive Chair Clive Carver said: "We note the recent sharp oil price movements, which will inevitably have an impact on our gross revenue receipts. The impact on the net amounts received however, is expected to be less pronounced given the way the Kazakh tax system works."
Caspian shares were 3.5% lower at 4.12 pence each in London on Wednesday morning.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
