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DECEMBER 2002
Energy Africa Limited
Registration number : 1995/007140/06
(Incorporated in the Republic of South Africa)
JSE code: ENR ISIN code: ZAE000010427
ENERGY AFRICA : PRODUCTION UPDATE FOR QUARTER ENDED 31 DECEMBER
2002
Energy Africa Limited is a South African-based oil and gas
exploration and production group which is listed on the
Johannesburg and Luxembourg Stock Exchanges.
Energy Africa Limited advises shareholders that average daily
production for the quarter ended 31 December 2002 was 22 100
barrels per day. The average realised oil price was $25.03 per
barrel. Average daily production was approximately 2% below the
average for the six months ended 30 September 2002. The revised
forecast for the year to 31 March 2003 is 22 500 barrels per day,
some 5% below our previous estimate.
Production was impacted by mechanical problems on the Alba
platform which delayed achieving capacity production from the
Alba Extreme South development and lower than anticipated
production from the Ceiba Field. The Alba Field is now producing
in line with expectations but Ceiba continues to underperform and
forecasts have been adjusted to reflect delays in bringing on new
capacity and a more conservative reservoir management philosophy.
Peak production from the field will therefore be lower than
previously forecast, but plateau production will be maintained
for a longer period.
Rhidwaan Gasant, Managing Director, said "notwithstanding the
deferral in production, the company remains well placed to
achieve higher production over the longer term as numerous new
discoveries are developed. We are pleased at the improvement in
the realised price resulting from the improvement in the quality
discounts on Ceiba and Alba crudes."
Operating Figures
Three months Six months ended
ended 30 September
31 December 2002 2002
Average production (barrels per 22 100 22,540
day)
Brent oil price period average $26.81 $26.00
($ per barrel)
Realised oil price period $25.03 $23.99
average ($ per barrel)
31 January 2003
For more information about Energy Africa see:
www.energyafrica.com.
Enquiries:
Energy Africa Ltd Adrian Nel +27 21 4007600
+27 82 806 8118
Date: 31/01/2003 08:45:00 AM Produced by the JSE SENS Department
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