Perth-based Incremental Petroleum Ltd has secured a 31 per cent increase in oil sales revenue from its Selmo oilfield, the company announced today.
The full text of an Incremental announcement is pasted below
Australian oil production and exploration company, Incremental Petroleum (ASX: IPM) has advised that its 100% owned Selmo Oilfield has secured 31% increase in oil sales revenue (from its previous quarter).
Continued high production and a rising oil price in $US led to the increase in $US denominated revenue of 31% over the first quarter.
The company's production is also up 1.3% on the corresponding quarter in 2006.
Incremental's Edirne Gas Project is also advancing to a significant 4-6 well drilling program commencing in Dec 2007.
Exploration concession granted adjoining existing oil production - drillable prospect identified concession granted adjoining existing oil production.
Firm oil prices and steady production again gave rise to an operating cash flow surplus in the quarter.
Net cash balances at 30 June 2007 were $A6.6m and receivables were $A6.3m.
A capital return of 5 cents per share (total $3.4m) was paid to shareholders on 11 May 2007.
