Steve Bowler, chief executive of () says the company is “well placed” in the oil industry and looking to take advantage of the opportunities it has.
The firm revealed it has been successful in cutting back production costs to levels more manageable in the current oil price environment with operating costs for the financial year, ended December 31, reduced to $24.6 per barrel of oil equivalent, down from $34.6 per boe in the prior year.
Bowler adds that he is “very pleased” with the production rate, with 2p reserves increasing by more than 150% which he says is a “real result, particularly given the decrease in prices over the period”.
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