30th Sep 2016 10:57
LONDON (Alliance News) - President Energy PLC on Friday reported a wider pretax loss in the first half of 2016, but revenue rose on the back of increased production.
The oil and gas company said its pretax loss in the six months to the end of June widened to USD5.2 million from USD4.1 million the year before, as the cost of sales outpaced the rise in revenue.
Revenue grew to USD4.6 million from USD4.5 million, but the cost sales rose more significantly to USD6.9 million from USD5.2 million.
President said production in Argentina increased by 39% in the half year-on-year, while average production in September was up by 66% year-on-year.
Group production in the first half, comprising both Argentina and Louisiana, was up 13% year-on-year, and by 23% year-on-year in September.
"The near-term strategy for this year is to demonstrate increased productivity of our proven oil reserves, generating stronger free cash flow and reducing interest payments and non-operating administrative expenses thereby increasing the core value of our group," Chairman Peter Levine said in a statement.
"Once achieved, our subsequent objectives are to re-address our considerable exploration portfolio and grow production through existing fields and by way of acquisition in our focus countries," he added.
Shares in President were trading up 0.7% at 11.70 pence on Friday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
PPC.L