Challenger Energy Group PLC (AIM:CEG, OTC:BSHPF) told investors that production for the second quarter amounted to 34,159 barrels gross, equating to 375 barrels per day, an increase of around 6% on the preceding three-month period.
"Everyone in the Challenger Energy team continues to work on driving our production business in Trinidad and Tobago forward, and the results of the second quarter of 2022 represent steady improvements across the board - as compared to the first quarter production was up, oil sales were up, and cash flows being generated in-country have increased,” said chief executive Eytan Uliel.
Sales in the quarter meanwhile totalled 31,170 barrels, up 5%, and the company achieved a price of US$97.45 per barrel, up 17%.
Revenue received by the company from oil sales totalled US$1.4mln in the second quarter, equating to an average net revenue of US$45.15 per sold barrel. The company noted that it had generated a pre-tax operating cash surplus of US$0.4mln in the three-month period.
Uliel added: “these results are due to a dedicated focus on managing the Trinidadian asset portfolio prudently and efficiently, and do not yet reflect any of the additional production we hope to realise from our planned 2022 work programme, which as advised in June will be rolled out across the second half of 2022.
“I therefore look forward to reporting further progress in the coming months, as we begin executing our planned work for the remainder of the year."