17th Mar 2025 14:20
(Alliance News) - Serinus Energy PLC on Monday said in its annual report that 2024 was marked by "stable production and commodity prices".
The Romania and Tunisia-focused oil and gas explorer and developer's pretax loss was USD8.6 million for 2024, narrowed from USD11.4 million for 2023.
Revenue however decreased 14% to USD15.4 million from USD17.9 million, which Chief Executive Officer Jeffrey Auld said "[demonstrated] stable production and commodity prices".
Production totalled 555 barrels of oil equivalent per day, down 14% on-year from 642 boe/d.
Total administrative expenses meanwhile fell 26% to USD3.6 million from USD4.9 million, although production expenses rose 1.5% to USD8.1 million from USD8.0 million.
Serinus, which is "currently focused on enhancing production from its Tunisian assets", also generated USD865,000 in cashflow from operating activities, down 55% on-year from USD1.9 million, and invested USD1.1 million in capital expenditure, down 80% from USD5.5 million.
Chair Lukasz Redziniak said Serinus spent 2024 "in preparations for drilling operations in 2025", adding: "I am pleased to say that the team has been diligent in their efforts and all long-lead items are in [Tunisia] ready to begin operations in 2025."
CEO Auld further commented: "Our 2024 results reflect both the challenges and opportunities as we navigate a complex energy landscape in both of our business units.
"Operationally 2024 was a year where the group accrued cash, refined its drilling and development plans and put in place the equipment, manpower and technical knowledge to progress developments in 2025."
He continued: "Looking ahead we are eager to commence the well side-track at the Sabria W-1 well...Third-party estimates suggest that incremental gross production from the introduction of this pump could exceed 400 boe/d."
Shares in Serinus were down 5.5% at 2.51 pence on Monday afternoon in London.
By Emma Curzon, Alliance News reporter
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