Canadian Centurion's reported an increase in its second quarter revenues, cash flow and earnings over the first three months of the financial year 2002 and the comparable quarter in 2001. The increases are reflective of the commencement of Egyptian commercial production from the Al-Wastani field on March 31, 2002.
Egyptian production averaged about 3,000 barrels of oil equivalent per day (boepd) from the Al-Wastani and Hana fields during the second Quarter bringing the company's average production for the quarter to approximately 5,000 boepd. Continued production levels from Centurion's Al-Manzah waterflood project in Tunisia also contributed to a strong quarter.
Cash flow for Q2 2002 was $7.21 million ($0.12 per share basic and $0.11 per share diluted) compared to $1.8 million ($0.03 per share basic and diluted) for Q2 2001. Cash flow for the six months ended June 30, 2002 was $9.75 million ($0.16 per share basic and $0.15 per share diluted) compared to $4.24 million ($0.07 per share basic and diluted) for the six months ended June 30, 2001.
Earnings for Q2 2002 were $1.97 million ($0.03 per share basic and diluted) compared to $658,000 ($0.01 per share basic and diluted) for Q1, 2001. Earnings for the six months ended June 30, 2002 were $2.47 million ($0.04 per share basic and diluted) compared to $1.69 million ($0.03 per share basic and diluted) for the six months ended June 30, 2001.
Production averaged 5,000 boepd during the second quarter with approximately 2,000 bopd of oil being produced from four fields in Tunisia and 12 million cubic feet of natural gas (2,000 boepd) and 1,000 bopd of oil and condensate being produced from two fields in Egypt.
Progress continues on approval of the plan of development for the Al-Manzala South gas project in Egypt and the negotiation for a gas contract for 35 million cubic feet per day (MMcf/d) of natural gas is nearing completion.
The SEEB power project in Tunisia is approaching commissioning with the power transmission line nearing completion, which is expected to allow full operation of the plant by the end of September. Centurion will see a further increase in daily production of approximately 525 boepd when the power plant is commissioned. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
