21st Mar 2019 10:17
LONDON (Alliance News) - Serinus Energy PLC on Thursday reported a significantly narrowed loss in 2018 after revenue rose by third on higher average oil price.
The oil & gas company said its pretax loss narrowed to USD3.2 million in 2018 from USD17.3 million reported a year earlier, helped by lower expenses.
In December 2017, the company suffered a well incident whereby during routine operations an unexpected gas release occurred and subsequently ignited. This resulted in GBP4.1 million of expenses.
During 2018, Serinus submitted insurance coverage claims relating to the emergency costs and has received payment of USD3.6 million.
In addition, the company said it benefited from non-repeat of impairment relating to its oil & gas assets, which totalled USD5.0 million in 2017.
Meanwhile, revenue grew to USD7.9 million in 2018 compared to USD5.9 million a year earlier following a 30% increase in realised oil price, which averaged USD66.96 per barrel versus USD51.48 per barrel a year before.
Production declined, however, to 352 barrels of oil equivalent daily from 376 barrels of oil equivalent a day in 2017. All production in 2018 was from the Sabria field in Tunisia.
Looking ahead, Serinus said it plans to reopen its Chouech Es Saida field in southern Tunisia, following it being shut in due to social issues since February 2017.
Serinus shares were untraded in London on Thursday, last closing at 10.75 pence each.
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