27th Jul 2018 09:16
LONDON (Alliance News) - Upstream oil & gas company Sterling Energy PLC said Friday it halved its half-year pretax loss, despite suffering a sharp drop in revenue.
For the six months to June 30, the company posted narrowed pretax loss of USD1.1 million compared to USD2.2 million, in the comparative year-ago period.
Revenue dropped to USD534,000 from USD2.2 million a year ago. However a gross profit of USD19,000 made on lower cost of sales, versus a USD487,000 loss, helped narrow the company's pretax loss.
During the period, the company terminated its operations from the Chinguetti field in Mauritania ceasing production.
"In January 2018, Sterling completed the successful exit from the Chinguetti project allowing the company to now focus on its efforts on securing a material mergers & acquisition transaction. Activity has now doubled on opportunity and asset screening and we are gaining deal traction due to the renewed focus and simplicity of the group's financial position," Chief Executive Officer David Marshall said.
Sterling shares were up 9.8% at 14.38 pence each on Friday.
Related Shares:
SEY.L