Bayfield agrees revised sales contract
Bayfield Energy, an upstream oil and gas exploration and production company, has agreed with the Trinidad state oil company, Petrotrin, on revisions to the crude oil sales agreement governing the sale of Bayfield's share of production from the Trintes field, offshore Trinidad.
Bayfield Energy, an upstream oil and gas exploration and production company, has agreed with the Trinidad state oil company, Petrotrin, on revisions to the crude oil sales agreement governing the sale of Bayfield's share of production from the Trintes field, offshore Trinidad.
The revisions are the result of developments in crude markets which mean West Texas Intermediate crude, which is a commonly used marker for crude sales in the Caribbean market, is no longer considered by the two parties to be a fair reflection of the market value of Bayfield's crude.
The sales contract will now adopt Brent crude as the reference price and have adopted a revised sales price at a discount of 9.5%, rather than the 17.5% previously, for a period of a minimum of 12 months as of August 1st 2012.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Bayfield Energy Chief Executive, Hywel John, said: "It is encouraging to report on the success of our initiatives to improve cash flow and manage our financial commitments to enable us to establish a sound platform from which to continue our exploration programme."
The share price rose 7.83% to 31p by 09:52.
NR
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Carers retire with an average pension of just £6,750
A growing pensions gap shows carers retire with significantly less private pension income than the national average
-
8 of the best properties for sale with award-winning gardens
The best properties for sale with award-winning gardens – from a Victorian Gothic rectory in Hampshire, to a Georgian house in Kent with gardens designed by multiple Royal Chelsea Flower Show gold medallist Roger Platts