Stream Oil says revenue from Albanian operations surge 133% y/y in Q3 2012.

By bne IntelliNews November 1, 2012
Canada-based production and exploration company Stream Oil & Gas said oil revenue from its operations in Albania soared 133% y/y to USD 8mn in the third quarter of 2012 ending in August. The companys net operating income almost tripled to USD 5.7mn 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 31.1% y/y to 1,373 barrels of oil equivalent (boed). On the other hand, the average price decreased to USD 63.88 per barrel in Q3 from USD 70.55 per barrel in the same period a year earlier. Consequently, netbacks edged down 3.4% y/y to USD 48.58 per boed in Q3 2012. 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 147% to USD 14.7mn in the financial year 2011, ending Nov 30.

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