Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP) (COPL) said net crude oil sales before royalties averaged 961 Bbls/d (barrels daily) in its quarter to June 2022 against 1,114 Bbls/d in the first three months.
The reduction in oil production was due to operational interruptions at certain high-impact wells with a miscible flood programme, it said.
Petroleum sales, net of royalties, were unchanged from the first quarter at US$7.1mln with higher prices offsetting the lower production.
Including an operating arrears liability, aggregate petroleum sales were $9.8mln in both the first and second quarters of 2022.
COPL added it also incurred a net hedging loss of US$2.6mln in the June quarter up from a hedging loss of US$0.9mln in the preceding three months..
Cash at the end of June was US$11.5mln after a placing in April that raised US$12mln.