“The significant rise in oil prices in the first quarter versus last year is a positive outcome but there remains considerable uncertainty as evident by the drop in Brent crude below the US$50 per barrel mark in the first week of May,” said Jeffrey MacDonald, interim chief executive.
“As a company, we remain focused on reining in operating and general and administrative costs, increasing production of our existing producing assets, maximising efficiencies in our operations and undertaking the next phase of the restructuring process, which combines portfolio management with progressing our developments.”
Realised oil prices rose by 124% versus the comparative period of last year.
At the same time, production volumes lowered by 28% to 13,610 barrels per oil equivalent per day from 19,014 boepd - oil and liquids amounted to 7,749 bpd, while gas volumes totalled 35.3mln cubic feet per day.
Revenue for the quarter totalled US$31.8mln, down 3.9% from US$33.1mln, and earnings (EBITDAX) fell 12.8% to US$17.2mln compared to US$19.7mln. Operating costs also lowered to US$12.4mln, versus US$19.2mln in the same three months of last year.
The company noted a near halving in depreciation, depletion and amortisation charges which reduced to US$15.3mln following asset impairments recognised last year and alongside a US$77.5mln non-cash net fair value gain the company reported a US$57.1mln profit before tax, versus a US$19.7mln loss.