20th Sep 2018 12:53
LONDON (Alliance News) - Eland Oil & Gas PLC on Thursday said it generated the first profit in its history in the first half of 2018, helped by improved production and higher oil prices.
The exploration company said it swung to a pretax profit of USD36.5 million in the first six months of 2018 compared to a USD23.5 million loss reported for the same period a year ago, as revenue multiplied to USD67.4 million from just USD844,000.
Meanwhile, administrative expenses also grew year-on-year to USD3.6 million from USD1.7 million.
Gross production from the OML 40 licence located in the Niger Delta achieved an average 17,146 barrels of oil per day during the period. In comparison, a year earlier, OML 40 production stood at 5,275 barrels of oil daily.
The average realised price almost doubled to USD69 per barrel versus USD37 per barrel the year before.
"The first half of 2018 has been the most important operational and financial period in Eland's history," said Chief Executive George Maxwell.
"The outlook for the remainder of this year is extremely exciting as we drive towards further record production and financial performance in 2018," added Maxwell.
Shares in Eland were trading 1.3% lower on Thursday at 118.0 pence each.
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