24th Mar 2014 10:35
LONDON (Alliance News) - Caracal Energy Inc Monday said that the first shipment of oil from its Badila field for export has been loaded at the Kribi sea terminal, offshore Cameroon.
The oil and gas exploration and development company said the total cargo size of the lifting was roughly 950,000 barrels of oil and Caracal's net entitlement share was 560,000 barrels of oil.
Caracal's partner on site, Glencore Xstrata PLC was entitled to the balance of the cargo, with both parties joint lifting the cargoes before Glencore markets the shipments on behalf of the partners.
The company said gross production from the Badila field during March averaged 14,100 barrels of oil per day, an increase on 12,000 barrels of oil per day on January 20 and Caracal is on track to expand its production and shipping facilities in the third quarter.
Caracal Energy shares were down 1.5% to 341.25 pence, while Glencore shares were up 0.6% to 305.40 pence, putting it in the top ten FTSE 100 risers in early trading Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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