BOEPD

OXY has mitigated these concerns through the early completion of its breakeven plan, which centers on the addition of 80,000 boepd of higher margin production from Permian Resources to help plug the FCF gap.

In addition, BlackPearl, with its working interest partner, the Onion Lake Cree Nation, produce 2,000 boepd of conventional heavy oil.

Under the deal, the company will acquire 2,008 net acres and 33 Boepd (91% natural gas) in Ward County prospective for the Bone Spring and Wolfcamp for USD 22.2m.

The company was able to produce an average of 68,700 boepd during Q1 of 2015, relying on its assets in Egypt and Iraqi Kurdistan.

Dr Patrick Allman-Ward, chief executive officer, said: "We have made a solid operational start to the year and have delivered on our strategy of increasing output through organic growth, resulting in a 12 per cent increase in production output to 68,800 boepd. This reflects the quality of our assets in Egypt and the KRI and provides confidence for additional growth potential going 
forward.

2012 production totalled 36,940 boepd, practically in line with our estimate of 36,700 boepd.

- First well Balder #1 (AOK 14%) achieved a 30 day average of 899 boepd (70% oil) & peak rate 1,363 boepd

The group's net production averaged 60,950 barrels of oil equivalent per day (boepd) from its interests in Egypt and the KRI during the six months ended June 2012.

I am also pleased to report that the commissioning and start-up of the Natural Gas liquids plant in Ras Shukheir (Egypt) is advancing well and should be operational in H2 of this year." The Group's net production averaged 60,950 barrels of oil equivalent per day (boepd) from its interests in Egypt and the KRI during the six months ended 30 June 2012.