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Serinus Energy PLC on Monday revealed progress towards profitability in its first half, with the company cutting costs and working towards increasing production.
The Romania and Tunisia-focused oil & gas exploration and development company said pretax net loss narrowed to $561,000 in the half that ended June 30 from $2.7 million the previous year.
Earnings before interest, taxes, depreciation, and amortisation tripled to $1.6 million from $502,000.
Revenue declined 0.7% to $8.8 million from $8.9 million, while cost of sales fell 12% to $7.1 million from $8.1 million.
Total production reduced by 10% to 607 from 677 barrels of oil equivalent per day, as average realised prices increased 6.9% to $80.13 from $74.93 per barrel.
Production was weighted towards crude oil at 78% of the total with natural gas accounting for the remainder.
‘The largest asset in the Tunisian portfolio is the Sabria field...this historically under-developed field [is considered] to be an excellent asset for development work to significantly increase production in the near-term.
‘The group has embarked on an artificial lift programme whereby the first pumps in the Sabria field will be installed. Independent third-party studies suggest that the use of pumps in this field can have a material impact on production volumes,’ Serinus said.
Capital expenditure stood at $200,000, down from $5.0 million last year, with all funding going towards the Tunisian portfolio in the period.
Serinus Energy shares were up 7.0% at 2.30 pence each in London on Monday afternoon.
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