Operational highlights 

·      Working-interest production within guidance at 50,653 boepd, despite market volatility 

Liquids production of 33,327 bopd, gas production of 100 MMscfd

·      Eland OML40/Ubima assets produced 9,151 bopd, 27.5% of Group oil volumes, integration progressing well

·      TFP reconciliation losses reduced to 8.6%

·      Amukpe-Escravos Pipeline now expected operational in H2 2021

·      Low unit cost of production at US$8.73/boe, with cost-cutting initiatives ongoing, particularly at OML40/Ubima

·      ANOH project remains on track for Q4 2021 first gas, completion of financing imminent

Financial highlights

·      Strong cash balance of US$213 million after US$100 million RCF repayment, US$29 million 2019 final dividend, and US$109 million capex

·      Net debt steady at US$480 million with most maturities after 2021

·      Revenue US$388 million due to lower oil prices

·      IAS 36 COVID-19 impact assessment and IFRS 9 non-cash impairment provision of US$180 million. 

·      Provision reverses operating profit of US$100 million to operating loss of US$79 million

·      NPDC receivables further reduced to US$152 million

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Source: OilnewsKenya