COPL reported revenue (pre-hedging) of US$5.8mm, +4% q/q but -18% y/y. Realised oil prices of US$78.34/bbl were 9% higher q/q, offsetting lower net production of 1,029bbl/d (-7% q/q). Opex increased 13% q/q to US$3.1mm due to follow-up works after the gas gathering system (“GGS”) upgrade and continued weather related repairs. G&A costs were down to US$1.6mm (-10% q/q) on the back of the focused G&A reduction programme. EBITDA (pre-hedging) stood at US$0.3mm, which is up 26% q/q. There was a US$2 ....
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16 Nov 2023
COPL: Q3’23 results should mark production low point with upside from higher gas injection
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COPL: Q3’23 results should mark production low point with upside from higher gas injection
Canadian Overseas Petroleum Limited (COPL:LON) | 0.1 0 0.0%
- Published:
16 Nov 2023 -
Author:
Anish Kapadia -
Pages:
7 -
COPL reported revenue (pre-hedging) of US$5.8mm, +4% q/q but -18% y/y. Realised oil prices of US$78.34/bbl were 9% higher q/q, offsetting lower net production of 1,029bbl/d (-7% q/q). Opex increased 13% q/q to US$3.1mm due to follow-up works after the gas gathering system (“GGS”) upgrade and continued weather related repairs. G&A costs were down to US$1.6mm (-10% q/q) on the back of the focused G&A reduction programme. EBITDA (pre-hedging) stood at US$0.3mm, which is up 26% q/q. There was a US$2 ....