24th Oct 2013 10:42
LONDON (Alliance News) - Sterling Energy PLC Thursday said it swung to a net profit in its third quarter as a large cargo sale offset lower production levels In Mauritania.
The Africa-focused oil exploration and production company posted a net profit of USD2.7 million for the three months ended September 30 from a net loss of USD742,000 the previous year.
The company said sales dramatically increased to USD5.3 million from USD306,000 during the period, as the company completed a floating production storage cargo sale from its Chinguetti field of 48,471 barrels of oil.
However Sterling said its net production average from its producing Chinguetti Field in Mauritania averaged 527 barrels of oil per day during the three months, compared to 569 barrels the previous year due to expected production decline over time and an unplanned three day interruption in September.
The company also said it is developing operations at its Madagascar sites and its Ntem block remains stalled due to a border dispute between Cameroon and Equatorial Guinea.
Sterling shares were up 1.2% to 39.35 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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