25th Apr 2018 13:41
LONDON (Alliance News) - Sterling Energy PLC on Wednesday reported a narrowed loss for the first quarter of 2018 as it continues the search for a new chief executive.
The company's loss before interest, tax, depreciation, and amortisation was USD476,000 for the three months to March compared to USD784,000 the same period a year earlier. Its post-tax loss was USD497,000, narrowed from USD1.2 million.
Sterling said it is still looking for a new CEO after its former boss Eskil Jersing resigned in December, subsequently joining London-listed peer Wentworth Resources Ltd in the same role.
Operationally, work continues to process trial line 2D data from the Odewayne block in onshore Somaliland. This, it said, is showing encouraging signs and the data will contributed to a drilling decision in future.
Shares were up 0.8% on Wednesday at 13.00 pence each.
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