26th Sep 2018 11:27
LONDON (Alliance News) - President Energy PLC on Wednesday said its loss narrowed significantly in the first half of 2018 as revenue multiplied on higher production and oil prices.
The oil & gas company said its pretax loss was slashed to USD427,000 in the six months to the end of June from USD4.6 million reported for the same period a year earlier, as revenue jumped to USD21.9 million from USD5.6 million.
Average production in the period more than doubled to 2,064 barrels of oil per day from 691 barrels daily produced in the first half of 2017.
The successful 12-well workover programme boosted gross production in June from the company's Argentinian Rio Negro assets alone to over 2,000 barrels of oil daily. Oil production at Puesto Guardian Concession, also in Argentina, was stable at 500 barrels of oil daily.
Meanwhile, President Energy said it experienced some disruption to production throughout the period caused by the extensive workover programme in Argentina and also prolonged flooding in Louisiana at the start of the year.
US average realised oil prices materially increased in the first half of 2018, the company said, to USD65 per barrel from USD47.
"The successful results for the first half of 2018 clearly demonstrate major advances in all key performance indicators, emphasising the substantial and rapid progress being made by President Energy," said Chairman Peter Levine.
"Accordingly, we view the future with growing confidence focusing on an aggressive growth model, expanding organically and by way of the right accretive acquisitions founded on the key tenets of profitable production barrels, cash flow and concentration on margins whilst at the same time progressing our high impact exploration prospects," added Levine.
Shares in President Energy were trading 4.7% higher on Wednesday at 9.00 pence each.
Related Shares:
PPC.L