First quarter sales amounted to $398 million, up 13% from $351 million in the same period of 2007, as the positive impact of higher selling prices was partly offset by a 31% decline in volumes sold, due to fewer liftings.
The sales to production ratio was 92% in the first three months of the year, compared to 123% in the same period of 2007.
The company reported capital expenditure of $110 million for the period, mainly for continued phase 1 redevelopment of the Anguille field and work on the Port-Gentil Ocean and Torpille fields. Funds generated from operations stood at $152 million at March 31, 2008.
