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Rig delays hit Petrolifera



By Upstream staff 

Canadian player Petrolifera Resources saw earnings fall in its second-quarter 2007 results as Argentinian production fell in the quarter and the Canadian dollar strengthened.

Petrolifera reported second quarter net earnings of C$4.5 million, or nine Canadian cents per diluted share, in the quarter, compared to net earnings of C$7.6 million, or 16 Canadian cents per share.

Meanwhile, revenues rose to C$28.1 million from C$18.8 million previously.

The company said its production in the quarter was hit by a fall in production and sales caused by the late arrival of drilling rigs on Argentina’s Neuquen basin, where Petrolifera’s production is concentrated.

Output was also affected by delays in completing wells and in installing equipment for the company’s planned waterflood operation.

Second quarter production rose to 6932 barrels of oil equivalent per day from 4006 boep in the year earlier period. However, Petrolifera said production fell sequentially from the first quarter of 2007.

For the first six months of the year, Petrolifera saw net income rise sharply to C$19.5 million, or 38 Canadian cents per share, up from earnings of C$9.3 million, or 19 Canadian cents per share, in the first half of 2006.

Revenues rose to $75.3 million from $27.3 million over the same period as oil and gas sales rose 196% to 9274 boep.

Petrolifera has exploration and production assets in southern Argentina and exploration interests in Peru, and Colombia.


Tuesday, 07 August, 2007, 22:52 GMT  | last updated: Wednesday, 08 August, 2007, 00:32 GMT

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