30th Sep 2019 18:26
(Alliance News) - Oil and gas company President Energy PLC on Monday said it swung to first half profit helped by a revenue rise despite challenges in Argentina and in the US state of Louisiana.
In the six months to June 30, revenue grew by 6.4% year-on-year to USD23.3 million from USD21.9 million, and the company reported a pretax profit of USD249,000, swung from a USD427,000 loss.
In Argentina, President said electrical outages hurt "average field performances" in its Puesto Flores oil field.
In Louisiana, "unprecedented levels of flooding" resulted in production being halted from all wells there for three months, affecting the first half of the year and the early part of the second.
Despite the challenges, net average production rose by 19% year-on-year to 2,461 barrels of oil per day from 2,064.
Looking ahead, President forecasts full-year net average production of 2,600 barrels of oil per day, which would be 14% than the 2,279 barrels of oil per day recorded in 2018.
Chair Peter Levine said: "Despite an unforeseen confluence of challenges this year, we have in the first half 2019 delivered demonstrable improvements in all our key performance indicators over the same period last year. In this context, this solid set of results and continuing profitable operations are a reflection of the strength of President and its assets and a stark contrast to the disconnected share price performance of late."
Shares in President closed 1.0% lower at 4.41 pence each in London on Monday.
By Eric Cunha; [email protected]
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