18th Sep 2020 14:20
Sterling Energy PLC - oil and gas company with an interest in Somaliland - Reports USD870,000 pretax loss for the six months ended June 30, widening from a USD603,000 loss the year before. While administrative expenses are flat at USD1.1 million, finance income declines to USD288,000 from USD574,000, resulting in a wider loss. Cash and cash equivalents USD43.8 million at June 30 compared to USD45.5 million the year before.
"Whilst Sterling's progress on interpreting the results of the reprocessing of the 2D seismic data has been hindered by Covid-19, Sterling intends to finalise this work by year end 2020. Once this interpretation is complete, a review of the prospectivity will be concluded and inform on the next steps for Sterling on the licence."
Current stock price: 12.31 pence
Year-to-date change: up 42%
By Anna Farley; [email protected]
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