Ceg1 Nov 2022 20:15
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Challenger Energy Group sees volumes improving after tougher rainy season in Trinidad
08:53 Tue 01 Nov 2022
Jamie Ashcroft
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Challenger Energy Group PLC
AIM:CEG
OTC:BSHPF
Challenger Energy Group PLC - Challenger Energy Group sees volumes improving after tougher rainy season in Trinidad
Challenger Energy Group PLC (AIM:CEG, OTC:BSHPF) has said it was able to maintain third-quarter sales at a ‘comparatively constant level’ despite a worse-than-expected weather impact during the rainy season in Trinidad.
Production amounted to 32,370 barrels the oil firm, said in a statement, marking a 5% decline versus the preceding three-month period.
At the same time, the realised sales price was around 13% lower than in the second quarter, at US$85 per barrel. As a result the company saw US$40.20 per barrel of net revenue in the three months ended 30 September 2022.
"We plan for a certain level of disruption each year during the rainy season, but during the third quarter we experienced considerably more than expected, resulting in production downtime, and it also became necessary to delay much of the routine maintenance and production enhancement activities we had hoped to undertake,” said the company's chief executive Eytan Uliel in a statement.
“At the same time realised oil prices declined from the highs seen in Q2. Operationally, therefore, the third quarter of 2022 was challenging. Nonetheless, in aggregate the first nine months of 2022 continues to represent an improving overall financial performance for the Trinidad business, with positive field level operating profits (unaudited, before G&A) and a positive unaudited pre-tax operating profit.
“During the fourth quarter, as weather conditions improve, we expect less production disruption, so we will be able to begin clearing the backlog of delayed field activity, which should benefit production levels further," he added.
Challenger noted that its business ‘operated on a break-even pre-tax operating profit basis in the third quarter.’
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