Stream Oil & Gas says Albania revenue surges 269% in FY 2010.

By bne IntelliNews March 31, 2011
Canada-based oil and gas production and exploration company Stream Oil & Gas said its revenue from operations in Albania surged by 269% y/y to USD 6mn in 2010 financial year ending November 30. The improvement was mainly due to higher production and prices, the company said in a press release. The average net daily production rose by 29% y/y to 350 barrels of oil equivalent per day (boed) and average price increased by 13% to USD 38.7 boe. The netbacks more than doubled to USD 24.9 boed in 2010, up from USD 11.83 in 2009. The Cakran-Mollaj onshore oilfield had a strong contribution to the companys overall results. Stream Oil & Gas started operating the oilfield in March 2010. The companys capital development program for 2011 envisages investments of USD 34.9mn in all three oilfields - Cakran-Mollaj, Gorisht-Kocul and Ballsh-Hekal. The investments will help the company to double its net exit production to between 2,250 and 2,600 boed in 2011.

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