25th Mar 2020 11:16
(Alliance News) - Serinus Energy PLC on Wednesday reported a sharp revenue rise and reduced losses in 2019.
Annual revenue climbed to USD22.5 million from USD7.8 million, and Serinus narrowed its pretax loss to USD288,000 from USD3.1 million.
The Romania and Tunisia-focused gas producer reported much improved production as well. Output in 2019 averaged 1,389 barrels of oil equivalent per day, from 352 in 2018.
"2019 was a transformational year for our company. The completion of the Moftinu gas plant and the flow of first sales gas in April heralded the first new source of production and revenue in six years. Soon after the commercial gas flow from the Moftinu gas plant was onstream our Tunisian team was able to restart production from the Chouech Es Saida field in the south of Tunisia. By the end of 2019, the company had dramatically increased its production, revenue and after-tax cash flow and is positioned for further growth in 2020," Serinus said.
Serinus reported that falling oil price, due to the double blow of the Covid-19 outbreak and a tempestuous OPEC meeting earlier in March, will "no doubt affect the company".
"But we believe that by being a low cost, onshore producer with approximately 70% of our production from Romanian gas, and managing our capital spending until the situation becomes more clear, will put us in a position to deal with these price dislocations," the firm added.
Shares in the company were untraded at 8.50 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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