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Fremont Petroleum (ASX:FPL) ups oil sales forecast by 59pc
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  • Fremont Petroleum (FPL) expects its oil sales to exceed 20,500 barrels of oil for the June quarter
  • The company was previously expecting around 12,900 barrels of oil
  • The increase is from a full quarter's contribution from the Magnum Hunter Production leases in the US and other leases
  • Oil inventory for the quarter is expected to be around 18,000 barrels of oil
  • On the market, Fremont is in the grey and trading at 0.5 cents each at 12:49 pm AEST

Fremont Petroleum (FPL) is expecting its oil sales to exceed 20,500 barrels of oil for the June quarter.

This new expectation is a significant increase on the 12,894 barrels of oil reported in the March quarter.

Fremont said the increase is due to a full quarter's contribution from the Magnum Hunter Production (MHP) leases in the United States, as well as stable production from all other leases.

Based on sales to date of 15,600 barrels of oil and current daily production volumes, oil inventory for the quarter is expected to be around 18,000 barrels of oil.

Commenting on the increase, CEO Tim Hart is pleased with the quarter so far.

"Oil sales for the quarter are encouraging and our decision to retain considerable inventory to capitalise on a higher oil price demonstrates the increasing optionality we have to maximise sales revenue," Mr Hart said.

"We are placing greater emphasis on increasing margins, details of which will be communicated in the planned workover update."

On the market, Fremont is in the grey and trading at 0.5 cents each at 12:49 pm AEST.

FPL by the numbers
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