13th Sep 2018 10:01
LONDON (Alliance News) - Amerisur Resources PLC on Thursday swung to a first half profit on the back of a 93% jump in revenue, increased production and rise in oil prices.
The South America-focused oil and gas producer recorded pretax profit of USD12.5 million for the six months to June 30, compared with a pretax loss of GBP1.6 million in the year ago period, on a revenue of USD67.9 million and USD35.1 million, respectively.
The sharp rise in revenue was attributed to both higher production levels and average oil prices. First half average production increased 33% to 5,959 barrels of oil per day, with an average realised price per barrel of USD64.2 compared to USD47.2 in the first half of 2017.
"For the remainder of the year and into 2019, we remain focused on growing production levels from existing reserves and executing our drilling plan, which is targeting resources of 131.53 million barrels of oil net," said Chairman Giles Clarke.
"There is strong momentum at Amerisur, and we look forward to a further profitable, cash flow positive second half as we execute our busy drilling programme," Clarke added.
Shares in Amerisur were trading 3.6% higher at 15.34 pence each on Thursday morning.
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