10th Apr 2014 11:35
LONDON (Alliance News) - Serica Energy PLC Thursday said it narrowed its losses in 2013, on significantly lower asset write-offs.
The oil and gas exploration and production company is yet to generate any revenues.
For the year ended December 31, 2013, Serica Energy said it narrowed its pretax loss to USD5.1 million, down from USD16.4 million a year earlier, on lower write-off costs, and exploration and evaluation costs.
It said asset write-offs of USD0.3 million for the year, including exploration and evaluation amounts, were significantly lower than the 2012 charge of USD10.5 million, which was mainly attributed to the Spaniards block in the UK North Sea.
Administrative expenses of USD4.5 million for 2013 decreased from USD5.3 million for 2012, and the company said that it has been reducing its overheads, of which the savings will come through in 2014.
Serica generated a profit from discontinued operations of USD0.1 million for the year ended December 31, 2013 from its 25% interest in the Kambuna field, compared with a loss of USD8.3 million the prior year.
Serica said that progress continues on all four of its UK gas-centric projects.
The group said that after a successful fundraise of USD19.5 million during the year, it is now funded to meet planned expenditure through to the end of 2015.
It said it ended the year with a cash balance of USD26.1 million, and no debt.
Serica shares were up 2.5% Thursday early afternoon at 10.76 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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