8th May 2014 13:28
LONDON (Alliance News) - Bankers Petroleum Ltd Thursday said its pretax profit increased in its first quarter as production increases drove up company revenues.
The oil and gas exploration and production company, with operations in Albania, said its pretax profit increased 44% to USD54.0 million for the three months ended March 31 from USD37.4 million the previous year as revenues increased 9.3% to USD144.9 million from USD132.6 million.
The company said its revenues increased as its average production increased 18% to 19,911 barrels of oil per day from 16,919 barrels of oil per day, offsetting a 4% fall in its received average brent oil price of USD108.21 per barrel from USD112.57 per barrel.
Bankers Petroleum also said its total expenses fell 5.4% to USD64.8 million from USD68.5 million with a particular 30% drop in sales and transportation expenses to USD10.4 million from USD14.9 million.
The company added that due to marine weather conditions, an export scheduled at the end of March was delayed until early April resulting in crude oil inventory increasing by 43% to 444,000 barrels at March 31.
It said that so far in the second quarter its average production is a strong, recording 20,150 barrels of oil per day from its Patos-Marinza oilfield in Albania and it expects overall production growth for the second quarter to be consistent with its previous guidance.
Bankers Petroleum shares were up 2.3% to 330.00 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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