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LONDON (Alliance News) - Caracal Energy Inc Friday said it had swung into a pretax profit in the first quarter of 2014, as it saw its first oil revenues from its Badila Field in Chad.
The company, which is set to be acquired by GlencoreXstrata PLC, posted a pretax profit of USD8.7 million in the quarter to March 31, swinging from a pretax loss of USD23.4 million in the previous year. It posted oil revenue of USD55.9 million in the quarter, all from one cargo lifting, having record no revenue in the first quarter of the previous year.
The company said it achieved an average gross field production of 11,799 barrels of oil per day in the quarter.
Since the release of its full-year results in March, the company said it has drilled its Badila 9 and Badila 11 wells, and completed the 2D and 3D seismic acquisition which it is currently interpreting.
It has received two new drilling rigs in the field, and expects to spud the Mangara 7 and Mangara 4 wells in late May.
In April, the company agreed to be acquired by a subsidiary of GlencoreXstrata for GBP5.50 per share in cash, or about GBP808.5 million in total. The deal is expected to close in June.
It exited the quarter to end-March with working capital of USD194.5 million, Caracal said.
Caracal began trading on the premium list of the London Stock Exchange in July 2013, and started production on the Badila field in September 2013.
Caracal Energy closed down 0.1% at 542.00 pence Friday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @hanassallnews
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