Eytan Uliel of Challenger Energy: Trinidad production increases by 6% at a 17% higher oil price

Eytan Uliel, CEO of Challenger Energy #CEG provides a Trinidad and Tobago update for Q2 that saw production rise by 6% at an oil price 17% higher than Q1 despite severe torrential rains.

Highlights

·   Total gross oil production for Q2 2022 was 34,159 barrels equating to approximately 375 barrels of oil per day (bopd), representing an approximately 6% increase over Q1 2022 (358 bopd).

The increase in average daily gross production is principally attributable to a focused effort on maintaining baseline production. It is noted that the Company's 2022 work program, which is focused on near-term production enhancement activities (as announced in RNS dated 7 June 2022) is to be executed in phases over the coming months, and thus the expected impact of this work on production is not yet reflected in the production rates achieved during Q2 2022.

It is further noted that notwithstanding the increase in total oil production, the quarterly result was adversely impacted by especially severe torrential rains in the last two weeks of June 2022, which caused several days of downtime due to electrical failures and safety-related total field shut downs.

·   Total oil sales in Q2 2022 amounted to 31,170 barrels, representing approximately a 5% increase over Q1 2022, with a gross realised average price per barrel sold of US$97.45, representing approximately a 17% increase over Q1 2022.

To read full RNS click here