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SDX Energy PLC on Thursday posted a narrowed interim loss but recorded a drop in revenue despite production beating guidance.
In the six months ended June 30, the Egypt and Morocco-focused oil and gas company reported a narrowed loss of $1.2 million, down from a loss of $10.1 million the previous year.
Earnings before interest, tax, depreciation, amortisation and exploration expense dropped by 23% to $15.3 million from $19.9 million.
Revenue also fell, dropping to $22.3 million from $27.1 million year-on-year as netback fell to $17.9 million from $22.1 million.
Entitlement production in the first half of the year was 3,724 barrels of oil equivalent per day. This was 2% higher than recently increased 2022 mid-point guidance of 3,638 boe/d.
The company said the increase was driven by strong performances in Morocco and at South Disouq.
It added that West Gharib production is expected to increase in the second half of the year after production was lower than expected in the first half due to the mechanical issues with a previous rig that has now been replaced.
Shares in SDX Energy were up 0.6% at 9.81 pence on Thursday morning in London.
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