Exploration & Production | Quarterly / Earnings Reports | First Quarter (1Q) Update
Argent Energy Trust Increases Production, Lowers Guidance
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Argent Energy Trust has provided its financial and operating results for the quarter ended March 31, 2014.
Average Q1 production was 6,390 barrels of oil equivalent per day (boe/d), being 69% oil and NGLs, generating funds flow from operations of $14.9 million, or $0.24 per unit, after allowing for an ad valorem tax charge of $3.6 million representing a full year charge for all leases, except those in Wyoming, as that is required to be fully booked in the first quarter now due to application of new IFRS accounting standards.
Argent confirms its average annual production guidance for 2014 of approximately 6,000 boe/d (70% oil and NGLs).
Highlights for the three months ended March 31, 2014 Increased production by 21% to 6,390 boe/d (69% Oil & NGL) in Q1 2014 from 5,278 boe/d (67% Oil &…- ✓ Full news archive — U.S., Canada & international coverage
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