ERHC Energy Inc (ERHE)

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Here is your upstream update, not exactly what mark was looking for.

Oiljunior



Price plunge thumps Addax numbers

By Upstream staff


Addax Petroleum has seen its fourth quarter profit plunge 98%, hurt by a sharp fall in crude oil prices.

Net income for the quarter was $3 million, or 2 cents per basic share, compared with $180 million, or $1.16 per basic share, a year ago.

Addax said average realised sales price for the quarter fell 44% to $49.28 a barrel, hit by a 38% drop in the average dated Brent benchmark price for crude oil.

The company produced 142,000 barrels per day in the quarter.

For 2009, Addax Petroleum projected capital expenses of about $1.6 billion, excluding acquisitions, assuming a Brent crude price of $60 per barrel.

At this level, the company forecast total production averaging between 140,000 bpd and 145,000 bpd from its Nigeria and Gabon operations.

If the average Brent crude price reaches $40 per barrel, the company said it would cut its capital expenditure to about $1 billion resulting in total production for 2009 averaging between 132,000 bpd and 137,000 bpd.

http://www.upstreamonline.com/live/article173326.ece