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OPERATING RESULTS AND NETBACK
Daily Volumes, Working Interest before Royalties and Other (Bopd)
Sales Volumes
Three months ended March 31---------------------------------------------------------------------------- 2013 2012--------------------------------------------------------------------------------------------------------------------------------------------------------Egypt 17,667 16,423Yemen 242 297----------------------------------------------------------------------------Total Company 17,909 16,720--------------------------------------------------------------------------------------------------------------------------------------------------------
Netback
Consolidated Three months ended March 31---------------------------------------------------------------------------- 2013 2012----------------------------------------------------------------------------(000s, except per Bbl amounts) $ $/Bbl $ $/Bbl--------------------------------------------------------------------------------------------------------------------------------------------------------Oil sales 159,915 99.21 159,426 104.78Royalties 80,549 49.97 82,214 54.03Current taxes 23,074 14.32 23,311 15.32Production and operating expenses 14,532 9.02 11,966 7.86----------------------------------------------------------------------------Netback 41,760 25.90 41,935 27.57--------------------------------------------------------------------------------------------------------------------------------------------------------Egypt Three months ended March 31---------------------------------------------------------------------------- 2013 2012----------------------------------------------------------------------------(000s, except per Bbl amounts) $ $/Bbl $ $/Bbl--------------------------------------------------------------------------------------------------------------------------------------------------------Oil sales 157,489 99.05 156,190 104.51Royalties 79,644 50.09 80,733 54.02Current taxes 22,790 14.33 22,829 15.28Production and operating expenses 12,731 8.01 9,948 6.66----------------------------------------------------------------------------Netback 42,324 26.62 42,680 28.55--------------------------------------------------------------------------------------------------------------------------------------------------------
The netback per Bbl in Egypt decreased 7% in Q1-2013 compared with Q1-2012. The main reason for the decreased netback was the effect of a 5% reduction in realized oil prices as compared to Q1-2012. Production and operating expenses increased by 20% on a per Bbl basis, which was principally a result of increased fuel costs and third party oil treatment fees. The increase in production and operating expenses resulted in an increase in cost oil allocated to the Company, which reduced royalties and taxes on a per Bbl basis. In Q1-2013, the average selling price was $13.54/Bbl lower than the average Dated Brent oil price for the year of $112.59/Bbl which is a result of a gravity/quality adjustment.
