The income came on the back of slightly reduced revenues, at $45.3 million for 2012 compared to $46.8 million in 2011 as sale volumes fell to about 388,000 barrels of oil equivalent compared to 450,800 boe in the first quarter of 2011.
Crude oil production was also lower over the period, down to an average of 21,100 bpd over the quarter compared with 2011’s 23,200 bpd, a decrease the company attributed to a normal decline from its mature wells offshore Gabon.
