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Serinus Energy posts increased production in 2020; revenues largely flat
StockMarketWire.com
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Oil and gas company Serinus Energy grew production in 2020 and generated revenues of $24 million, mainly from its business unit in Romania.
It reported that production for the year averaged 2,340 boe/d, compared to 1,389 boe/d in 2019, comprising of 1,788 boe/d in Romania and 552 boe/d in Tunisia.
Revenues for the year were largely flat, at $24 million, with Romania accounting for $16.9 million and $7.1 million generated from Tunisia.
Funds from operations for the year was $7.3 million, down from $8.1 million the previous year, and normalized EBITDA was $6.6 million, compared to $7 million a year earlier.
The company reduced production expenses by 30% over 2020 to $9.67, which it attributed to increased production and careful cost management.
Its cash balance as at 31 December 2020 was $6 million.
At 1:26pm: (LON:SENX) Serinus Energy Plc Ord Npv share price was 0p at 3.2p
Story provided by StockMarketWire.com
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