Sibir Q1 production rises 50%
Oil explorer Sibir Energy said total production in the first quarter rose 50% to a record 5.9m barrels compared to the same period last year.
The group also said it has deferred its expectation of moving to the official list from AIM. It now envisages switching in the second half of 2008 or in the first half of 2009, having originally expected to move by 30 June 2008.
Average daily rate of crude production for the period was 64,400 barrels of oil per day (bopd), up from an average 43,300 bopd in the first quarter of 2007.
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"The weighted average netback on domestic and export crude sales after transportation and export duty and before mineral extraction tax was $40.2/bbl," it said.
In the downstream, Sibir's trading operation processed 9.2m barrels of crude at the Moscow Refinery in the period, which was up 101% from last year. Gross margins on product sales from processing averaged $7.3/bbl.
"The first quarter was a period of record production and trading results for Sibir driven primarily by production increases at the Salym fields and increased refining volumes at the Moscow Refinery. Sibir also benefited from strong prices and netbacks for its crude production and refined products," said Sibir CEO Henry Cameron.
