Positive crop for Harvest

Harvest Natural Resources returned to profit in the second quarter, buoyed by exploration success off Gabon

The company earned about $90.1mn in the latest quarter, reversing a loss of $296,000 in the same period last year.

Its earnings were fuelled by record oil production from Venezuelan subsidiary Petrodelta, in which it holds a 32 per cent stake, with average output of 30,680 barrels per day – a 42 per cent rise on the same period of 2010.

Harvest recently hit a second oil column on its earlier Dussafu Ruche Marin discovery in Gabon’s offshore pre-salt play.

It is now looking at a future development - possibly using a floating production unit – that would also encompass two previous finds, Moubenga and Walt Whitman.

Meanwhile, the company aims to drill two exploration wells in Oman in the fourth quarter, targeting mean prospective resources of 2.45 trillion cubic feet of gas and 100 million barrels of condensate.

Alain Charles Publishing, University House, 11-13 Lower Grosvenor Place, London, SW1W 0EX, UK
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