24th Oct 2014 06:57
LONDON (Alliance News) - Sterling Energy PLC Friday said it swung to a net loss in the third quarter, as oil production dropped and costs increased in its Chinguetti oil field in Mauritania.
Its loss after tax was USD373,000 in the three months to end-September, compared with a profit of USD2.7 million a year earlier. Revenue fell to USD4.2 million, from USD5.3 million.
Sterling's share of production from its Chinguetti field averaged 463 barrels of oil a day in the period, down from 527 barrels a day in the third quarter 2013, a drop the company said was consistent with normal field decline.
There are no approved plans for further development of the field, the company added.
By Ian Edmondson;
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