Production indicators of Bahar and Gum Deniz fields announced

Baku. 21 November. REPORT.AZ/ Gross production volumes from the agreement area relating to Bahar gas field and Gum Deniz oil field averaged 672 bbl/d for crude oil and 18.9 mmcf/d for natural gas (3,827 boe/d) for the third quarter 2017.

Report informs citing the Greenfields Petroleum Corporation.

Bahar Energy Limited’s entitlement sales volumes averaged 573 bbl/d for crude oil and 15,902 mcf/d for natural gas or 3,223 boe/d in the third quarter 2017 and 651 bbl/d and 16,767 mcf/d or 3,446 boe/d year-to-date 2017.

According to information, as compared to the same quarter in 2016, average entitlement sales volumes decreased 23% for oil, 8% for natural gas and 11% for boe/d, while year-to-date average entitlement volumes for oil decreased 19%, increased 11% for natural gas and increased 4% for boe/d.

For the third quarter and year-to-date 2017, Bahar Energy Limited realized an average oil price of $ 48.46 and $ 46.47, respectively, per bbl. This reflects an increase from $ 40.86 and $ 36.91 respectively, per bbl for the same periods in 2016.

Bahar Energy Ltd realized a natural gas price of $ 2.69 per mcf for the third quarter 2017 and $ 3.12 per mcf year-todate compared to $ 3.96 per mcf for the same periods in 2016. Prior to April 1, 2017, the gas price was contractually fixed at $ 3.96 per mcf. For a 5-year term commencing April 1, 2017, the gas price has been contractually fixed at $ 2.69 per mcf.

For the third quarter and year-to-date 2017, Greenfields Petroleum realized a net loss of $ 2.4 million and $ 6.9 million, respectively, which represents a loss per share of $ 0.01 and $ 0.04, respectively. In comparison, for the same periods in 2016, the Company realized net income of $ 109.9 million and $ 103.8 million, respectively.

During the third quarter 2017, operating expenses were 18% below budget and capital expenditures were also significantly under budget.

In the Gum Deniz oil field, Bahar Energy Operating Company Limited completed two capital and seven service workovers during the third quarter 2017. In the Bahar gas field, two capital workovers are underway and completion is expected by December 2017.

Notably, Bahar Energy Ltd is a wholly-owned subsidiary of Greenfields Petroleum.