(Alliance News) - Valeura Energy Inc on Wednesday reported a rise in quarterly revenue despite production declining by over 20%.
Calgary-based Valeura posted revenue of CAD2.9 million for the three months to September, up 21% from the prior year. Production averaged 531 barrels of oil equivalent per day, mostly gas, down 19% on the year before.
Production declined, Valeura said, due to natural field declines in the Thrace basin in Turkey as well as Turkish customers taking national holidays in August.
The company did, however, register a significantly higher natural gas price for the period than the prior year, up 37%.
"I am pleased with our third quarter performance as operating conditions in country remained favourable for the industry and as our testing programme of our deep gas appraisal continued as planned," said Chief Executive Sean Guest.
"Encouragingly, all zones tested to date flow gas and we are at the cusp of the next exciting phase of our stimulation and testing programme alongside partner Equinor, with operations now underway at the Devepinar-1 well."
Shares in the company were 5.2% higher on Wednesday at a price of 60.50 pence each.
By George Collard; georgecollard@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.