15th May 2018 11:04
LONDON (Alliance News) - Amerisur Resources PLC Chairman Giles Clarke said the company's revenue, cash generation and profitability are "significantly ahead" of the same period last year and of internal budgets.
In his annual general meeting statement on Tuesday, Clarke said the oil and gas producer's board views the year with confidence as profit is ahead of expectations.
In 2017, Amerisur nearly doubled its revenue at USD92.5 from USD47.2 million and swung to pretax profit at USD600,000 from a loss of USD29.3 million.
The company is "on the cusp" of an exploration drilling program across three plays at Platanillo, Put 8 and CPO-5. "All required permitting is attained and this immediate programme is targeting 26 [million barrels of oil] of gross resource over the first three wells," Clarke said.
Amerisur Resources shares were trading at 16.30 pence down 2.3%.
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