20th Jan 2014 11:10
LONDON (Alliance News) - Caracal Energy Inc Monday said it didn't meet its 2013 production guidance but expects significant ramp up during 2014.
The oil and gas exploration and development company, with operations in Chad, said its production increased to roughly 12,000 gross barrels of oil per day by the end of 2013, lower than its guidance of 14,000 barrels of oil per day.
The company said it has placed the Badila-4 and Badila-5 on production at maximum producing rates of roughly 1,000 and 5,000 barrels of oil per day respectively.
The company recently commissioned its South Processing Terminal and expects to meet the 14,000 barrels of oil per day original production guidance by the end of January.
Caracal said it is on track to achieve first oil lifting from the oil export terminal in Kribi, Cameroon during March 2014, with the continued construction of the Mangara Central Processing Facility, 12-inch oil pipeline and 6 inch gas pipeline, all of which are expected to be completed in the next three months.
The company said it has a 2014 exit rate production guidance of 40,000 to 45,000 barrels of oil per day, with USD475 million to USD525 million net capital expenditures and 22,000 to 26,000 barrels of oil per day average gross production.
Caracal shares were up 4.5% to 459.75 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Corcel