Connacher Oil and Gas Ltd (TSE:CLL) Provides 1Q Production Update

Connacher Oil and Gas Ltd (TSE:CLL) which is a small capped oil and gas manufacturer provided an operational update for the reporting quarter on 21st April, before markets opened. The oil firm reported that its production of oil from its great divide oil reserve had averaged around 13,400 barrels per day. This represents an 18 percent increase over its sequential 4Q production figures.

Announces 18 Percent Increase In Production Over Previous Quarter

The increase in production was in spite of the disruption in operations caused by its natural gas supply pipeline developing a leak at its Algar plant. This resulted in the company management deciding to temporarily suspending operations and taking the plant off line between 7th March and 9th March for pursuing repair and restoration work. The plant was brought back into the grid only on 12th March, after the safety and security team of Connacher Oil and Gas Ltd (TSE:CLL) reviewed the corrective measures undertaken by the firm.

Completes Drilling Six New Wells

The firm also reported that it had successfully reported the completion of mining six of the total nine wells that were previously planned and has disclosed that the drilling of reminder three wells would be pursued in the second quarter.

Between the second and the fourth quarter, the wells drilling would be completed and processes to prepare the wells to be upgraded as production resources would be undertaken with full production being achieved in the fourth quarter.

Bitumen Shipping Update

Connacher Oil and Gas Ltd (TSE:CLL) disclosed that in the first quarter, it has shipped nearly 7872 barrels of bitumen in the first quarter, as against the 7426 barrels of bitumen it had shipped in 4Q13.

Q1 2014 Earnings Call and Annual General Meeting Schedule

The Oil mining firm also disclosed that it will release audited numbers for first quarter on 15th May and has scheduled its annual general meeting for its on the same day at the Hyatt Regency in Calgary, Alberta.

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