25th Sep 2018 13:22
LONDON (Alliance News) - San Leon Energy PLC on Tuesday said it plans to launch a share buyback programme as it swung to profit in the first half of 2018.
The stock was trading 7.1% higher on Tuesday at 25.71 pence per share.
The oil & gas development company swung to EUR3.7 million profit in the six months to the end of June compared to EUR5.7 million loss reported in the same period a year earlier. Revenue rose slightly to EUR107,000 from EUR71,000.
During the period, San Leon gained EUR3.0 million on currency exchange compared to EUR11.3 million loss the year before. Finance expenses also fell to EUR556,000 from EUR2.6 million year-on-year.
Average production before pipeline losses from OML18 block onshore Nigeria was 38,578 barrels of oil daily, with average oil sales for the period totalling 26,003 barrels per day.
Looking ahead, the company said it intends to return not less than USD10 million to shareholders through a share buy-back programme following a completion of its capital reorganisation programme.
"I look to the company's future with increased confidence," said Chief Executive Oisin Fanning.
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