LONDON (Alliance News) - Columbus Energy Resources PLC on Wednesday said its production declined in the first quarter of 2019 as it focuses on profit growth through cost reduction.
Columbus Energy shares were trading 19% lower on Wednesday at 3.07 pence each.
The oil & gas producer said average production totalled 602 barrels of oil per day in the three months to the end of March, down from 670 barrels of oil daily reported for the final quarter of 2018.
Columbus Energy reported peak production of 1,000 barrels of oil a day, which was achieved in late January.
The company highlighted, however, that its focus remains on profit and not production growth.
In the quarter, Columbus Energy recorded gross revenue of USD2.8 million, lower than the USD3.2 million reported in the fourth quarter of 2018.
Average realised sales price from operations in the first quarter were USD55.67 per barrel, peaking at USD58.17 a barrel in March. In comparison, the fourth quarter of 2018 saw average realised sales price of USD57.58 per barrel.
"Despite the lower production and resultant lower revenue, we have slightly increased our cash netback from operations and will look to continue to maintain a tight ship until the economic conditions and commercial terms allow us to pursue real production growth again," explained Executie Chair Leo Koot.
"These are exciting times and I believe Columbus is in a good place to take advantage of the various opportunities that our team have identified through our extensive networks," added Koot.