19th Sep 2013 11:46
LONDON (Alliance News) - Petroleum exploitation firm Global Energy Development PLC Thursday reported an increase in profit for the first half.
The company posted pretax profit of GBP4.1 million for the period ended 30 June, up from GBP1.2 million a year earlier, boosted by higher oil production and lower cost of sales.
Revenue dipped slightly to GBP19.7 million, from GBP20.2 million in 2012, due to a 10% decrease in oil pricing, averaging USD91 per barrel compared with USD102 per barrel previously.
Gross production increased 16% to 235,000 barrels of oil from 202,000 barrels of oil in 2012.
The company made capital expenditures of USD8.1 million, predominantly related to completion of the Tilodiran 1 well, an intervention on the Torcaz 2 well, and improvements to surface facilities at its Tilodiran, Torcaz and Palo Blanco fields.
"The company's 2013 focus is on bringing in a strategic partner to accelerate the development of its Middle Magdalena reserves, and on continuing with the improvement of its strong cash flow from operations from its oil production in the Llanos Basin," Managing Director Stephen Voss said in a statement.
No interim dividend was been declared.
The stock was trading at 98.00 pence, down 0.50p, or 0.5%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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