Average BOE production costs go down, as oil and gas production increases

Here’s a compelling set of figures to come out of TAG Oil’s third quarter financials.

       

Production revenue increased to:

$12,976,714 for the quarter
(nine months: $26,206,992)

compared to

$3,851,621 (nine months: $8,078,684) in Q3 of FY2011

Per barrel production, storage and transport costs reduced to:

$6.94 per boe for the quarter
(nine months: $10.73)

compared to

$16.57 per boe (nine months: $18.15) in Q3 of FY2011

Meanwhile,

       

TAG sold light oil:

94,545 barrels(nine months: 209,130) in the quarter

at an average price of:

$113.11 per barrel

TAG sold gas:

92,112 boe (nine months: 105,659 boe)

at an average price of:

$4.02 per mcf