Canada’s Centurion Energy International Inc. announced results for financial year 2002, led by a 134 percent increase in revenues and nearly tripled production volumes. Earnings for the year were $6.5 million ($0.10 per share) compared to $3.3 million ($0.05 per share) in 2001.
Cash flow for the year was $22.1 million ($0.35 per share) compared to $8.1 million ($0.13 per share) in 2001. The increase in earnings and cash flow are attributable to the commencement of Egyptian operations on March 31, 2002, and the resumption of production from the Al-Manzah field in Tunisia in late 2001.
Increased oil prices in late 2002 contributed additional revenues to Centurion's elevated 2002 production. Centurion is currently producing over 5,700 boe per day. Centurion oil sales in the fourth quarter would have been higher by approximately $1.8 million except that 38,000 barrels of oil from the El Biban, Ezzaouia and Robbana fields were in storage at year-end because total stored volumes were insufficient to fill an oil tanker.
This revenue will be recorded in first quarter 2003. Related operating costs and depletion costs in the amount of $622,000 were inventoried at year-end as well. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
