COPL’s Q1’22 production of 1,114bbl/d was up 2% q/q. COPL also held Cuda’s production of 477bbl/d as security against its arrears, taking its entitlement production up to 1,591bbl/d. COPL’s sales were US$7.1mm (+22% q/q) and with Cuda’s share this was US$9.8mm in total. The pre-hedging operating netback was just under US$50/bbl (+18% q/q). There was a realised hedging loss of US$0.9mm (loss of US$3.5mm on crude sales offset by a gain of US$2.6mm on butane costs). Capex was only US$3mm (down >70% ....
17 May 2022
COPL: Q1’22 results: higher revenues and lower costs
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COPL: Q1’22 results: higher revenues and lower costs
Canadian Overseas Petroleum Limited (COPL:LON) | 0 0 0.0% | Mkt Cap: 0.60m
- Published:
17 May 2022 -
Author:
Anish Kapadia -
Pages:
7
COPL’s Q1’22 production of 1,114bbl/d was up 2% q/q. COPL also held Cuda’s production of 477bbl/d as security against its arrears, taking its entitlement production up to 1,591bbl/d. COPL’s sales were US$7.1mm (+22% q/q) and with Cuda’s share this was US$9.8mm in total. The pre-hedging operating netback was just under US$50/bbl (+18% q/q). There was a realised hedging loss of US$0.9mm (loss of US$3.5mm on crude sales offset by a gain of US$2.6mm on butane costs). Capex was only US$3mm (down >70% ....