|
Canadian Overseas Petroleum Ltd said on Tuesday it has increased its oil production output following the closure of acquisitions of assets from Cuda Energy.
Progress was partially offset by operational interruptions at specific high-impact wells.
The Calgary-based international oil and gas firm said it produced 1,007 barrels per day in the three months that ended September 30, increasing from 961 barrels per day three months ago.
Canadian Overseas Petroleum also reported $7.1 million in quarterly sales net of royalties, effectively unchanged from the previous quarter.
On July 26, it closed its asset acquisition from Cuda Energy for $19.1 million, plus assuming Cuda Energy's operating arrears owed to it of $1.6 million and acquisition costs of $100,000.
Canadian Overseas Petroleum also incurred a net realized hedging loss of $2.3 million, an 11.5% decrease from $2.6 million in the previous quarter.
Its cash position stood at $5.7 million, compared to $7.8 million on December 31.
Shares in Canadian Overseas Petroleum fell by 2.0% to 14.50 pence in London on Tuesday afternoon.
Copyright 2022 Alliance News Limited. All Rights Reserved.
|
