Incremental produce solid results

Perth-based Incremental Petroleum Ltd announced better than projected results from its 100 per cent owned Selmo Oilfield in its first quarter of operation.
Incremental acquired the Selmo Oilfield, the second largest oilfield in Turkey, following its initial public offering in October 2005 and it is the company's major asset.
In summary the results are; production of 149,294 net barrels, a net operating cash flow of $4.5 million and cash receipts from oil sales of $11.2 million.
The positive results have delighted Incremental chairman Chris Cronin who said the company was very happy to see such positive results for the first three months of the Turkish operations.
"We undertook comprehensive due diligence before making this acquisition and it has paid off with many of the results coming out in line with - or surpassing - our expectations," Mr Cronin said.
"The immediate future looks very promising with the current oil price well above the last quarter average, production being maintained at a stable level and technical work on track to support development drilling activities planned for the second and third quarters of 2006."


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