14th Nov 2019 14:05
(Alliance News) - Serinus Energy PLC on Thursday said a steep rise in production managed to offset declining prices in the year-to-date.
Jersey-based Serinus produced 1,168 barrels of oil equivalent per day in the nine months to September, well above the 357 barrels delivered a year before on a daily basis.
This was due to production at the Moftinu project in Romania coming on line in April this year and Chouech in Tunisia coming back online during the third quarter. Third-quarter production multiplied to 2,128 barrels of oil equivalent per day from 346 barrels a year before.
Serinus's revenue more than doubled to USD15.5 million from USD6.9 million, with gas making up 70% of the figure and liquids the rest. This was despite prices in Tunisia dipping 16% on a barrel equivalent basis.
Looking ahead, Serinus said the outlook in Romania is still good, while operations in Tunisia are ramping up despite stagnation previously due to "difficult social conditions" in the country.
Shares were untraded in London on Thursday afternoon and were last quoted at 9.00 pence per share.
By George Collard; [email protected]
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