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Serinus Energy reports surge in revenue
StockMarketWire.com
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Serinus Energy has reported a surge in revenue for the first nine months of 2020.
The company said revenue rose 17% to $18.2 million, up from $15.5 million last year.
Its Romanian operation saw revenue rise 31% to $12.8 million year-on-year. However, its Tunisia operation recorded a drop in revenue of $5.7 million.
Average production increased by 107% to 2,415 barrels a day, up from 1,247 last year.
The company said in a statement: Since March 2020, the price of oil has been affected by the global spread of COVID-19 and the resultant reduction in oil demand.
Although global oil prices have partially recovered since April, there remains significant uncertainty over the continuing impact of COVID-19 on future global oil demand and the outlook for commodity prices including gas prices in Romania.
At 1:46pm: (LON:SENX) Serinus Energy Plc Ord Npv share price was -0.2p at 3.15p
Story provided by StockMarketWire.com
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