Canada-based production and exploration company Stream Oil & Gas said oil revenue from operations in Albania increased by 69.1% y/y to USD 8.2mn in the fiscal quarter to end-February 2013. The company’s net operating income grew by 44.7% y/y to USD 5mn over the period, Stream Oil said in a statement.
The positive result was due to higher output as the average net daily production increased by 57.1% y/y to 1,351 barrels of oil equivalent (boed). In addition, the average price increased to USD 68.26 per barrel in Q3 from USD 65.03 per barrel in the same period a year earlier. Consequently, netbacks rose by 5.3% y/y to USD 48.07 per boed in Q1 2013.
Stream Oil & Gas has a 25-year exploration licence for the development of the Ballsh-Hekal, Cakran-Mollaj and Gorisht-Kocul oil fields and the Delvina gas field in Albania. Its revenue from Albanian operations increased by 94.6% to USD 28.7mn in the financial year ending on Nov 30.
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