Aganneftegazgeologiya increased its net profit 4 times in 2013 due to the production growth
Khanty-Mansiysk. OAO MPK Aganneftegazgeologiya (MOEX: ANGG), subsidiary of NK RussNeft (MOEX: RUSN) in Khanty-Mansiysk autonomous district, received a net profit of 1,564.9 million rubles in 2013 under Russian Accounting Standards which is 3.9 times higher than in 2012, the company reports.
The revenue of the company grew 38% last year and reached 11,933.5 million rubles.
The accounts receivable of the company by the end of 2013 increased up to 9,338.265 million rubles from 8,073.371 million rubles at the beginning of the year. The accounts payable increased from 1,021.692 million rubles up to 2,029.115 million rubles.
Aganneftegazgeologiya’s press service commented to Interfax that the net profit growth last year was due to the oil production increase.
According the press service of the company, the company produced 1,598 thousand tons of oil in 2013 against 1,382 thousand tons in 2012. Therefore, there is a production growth of 15.6%.
“The production growth was provided by the active exploration works and startup of new high production rate wells at the company’s fields”, the press service reported.
As previously stated, Aganneftegazgeologiya commissioned two new wells at Roslavlskoye field in September last year with corresponding daily production rates of 730 and 745 tons.
Aganneftegazgeologiya holds licenses for subsoil development in three areas in KhMAO – Zapadno-Mogutlorsky (Zapadno-Mogutlorskoye field, Mogutlorskoye field, Vat-Eganskoye field, Severo-Pokachevskoye field and Zhilinskoye field), Roslavlsky (Roslavlskoye field) and Chukhlorsky (Yuzhno-Roslavlskoye field and Chukhlorskoye field).