29th Oct 2018 09:52
LONDON (Alliance News) - President Energy PLC on Monday said its earnings grew in the third quarter of its current financial year, thanks to lower operating costs.
The oil & gas company said in the three months to the end of September, revenue rose by 21% to USD13.1 million compared to USD10.8 million generated in the second quarter of 2018.
Operating profit after administration expenses and workovers but before depreciation increased by 82% to USD4.6 million quarter-on-quarter from USD2.5 million.
Meanwhile, well operating costs per barrel reduced by 20% to USD27.18 from USD33.93 in the immediately prior quarter.
Looking forward, the company said it expects the final quarter of 2018 to benefit from the current three-well drilling campaign in Puesto Flores, Argentina, which is targeted to add an initial 600 barrels of oil per day to field production.
President Energy is also expecting to complete the acquisition of two new fields in Rio Negro in Argentina by the beginning of December.
"The last quarters management reported results are a further demonstration of President's growing trading and financial position and prospects," said Chairman & Chief Executive Peter Levine.
"We are now focused on the challenge of further improving on these as we progress through the final quarter of 2018," added Levine.
President Energy shares were trading 9.7% higher on Monday at 8.89 pence each.
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