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Serinus Energy PLC on Monday reported a swing to profit in the opening quarter of 2024.
The Tunisia and Romania-focused upstream oil and gas production company swung to a pretax profit of $137,000 for the three months that ended March 31 from a loss of $897,000 last year.
Revenue fell 5.4% to $4.6 million from $4.9 million as production in Romania declined, offset by increased energy prices.
Total revenue from Romanian operations declined 79% to $249,000 from $1.2 million, but revenue from Tunisia rose 19% to $4.4 million from $3.7 million.
The swing to profit was thanks to a fall in cost of sales, as windfall taxes and depreciation costs fell alongside a reduction in overall administrative expenses.
Serinus declared no dividend for the quarter, unchanged from the previous year.
Looking ahead, the company said it is primarily focused on enhancing production from its Tunisian assets.
‘The large underdeveloped Sabria field offers significant opportunities in a well identified oilfield. Investments in artificial lift and, in time, new wells offer near term production growth. The Satu Mare concession in Romania has excellent exploration potential...Work continues and exploration targets have been identified,’ said Serinus.
Serinus Energy shares were flat at 2.90 pence each in London on Monday afternoon.
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