August 12, 2011 / 1:32 PM / 7 years ago

UPDATE 1-C&C Energia profit jumps, says output glitches remain

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Aug 12 (Reuters) - Canadian oil and gas company C&C Energia’s second-quarter profit rose nearly three-fold, but the company said production remains affected by restricted access to offloading terminals and available pipeline capacity.

For the second half of the year it expects production to average about 9,400 barrels of oil per day (bbls/d).

For the April-June quarter, net income was $23.3 million, or 38 cents a share, compared with $8.9 million, or 19 cents a share, a year ago.

Oil revenue, net of royalties, more than doubled to C$71.4 million.

Average daily production for the company, one of whose peers is Alange Energy Corp , rose 49 percent to 8,259 bbls/d.

Operating cash flow for the quarter was $46.0 million.

C&C, which owns a 30 percent interest in the Cachicamo block in the central Llanos Basin, has eight blocks in Colombia.

Shares of the Calgary, Alberta-based company closed at C$8.21 on Thursday on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Roshni Menon)

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