The Quarterly Report was in line with expectations.
While Oil Production was 2.85MMbbls, Oil Sales were 2.50MMbbls.
While Oil Sales were 2.50MMbbls, two of the cargoes sold were from the previous quarter, which contributed to the overall lower PoO achieved and reported for the Sept23 quarter.
To my view, this reconciles my Cash expectation of US$214m with the reported US$182m.
I expect the SP to proceed on a graduated rise to upwards of $3.20 before Xmas, with a chance of extra sauce provided by M&A/Dividends announcement.
The Brent PoO is over US$90 and the macro setting suggests it will go higher.
AIMO, of course.
The Quarterly Report was in line with expectations.While Oil...
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