Pieridae Energy Ltd (TSE:PEA) has released an update.
Pieridae Energy Ltd reported a robust year with a Net Operating Income of $131 million and an impressive exit production rate of 37,500 boe/d, despite facing challenges such as natural gas price fluctuations and facility maintenance. The company’s strong performance is attributed to a successful refinancing strategy, cost reductions, and a hedging program that yielded over $60 million in gains. Pieridae’s 2023 reserve evaluations show a Proved Developed Producing value of $614 million and a Total Proved plus Probable value of $1,372 million.
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