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88 Energy Ltd said on Friday it had jumped closer towards profit as revenue soared in 2021.
The Australia-based oil explorer with operations in Alaska said revenue had multiplied in 2021 to $4.4 million from $246,778 in 2020.
Profit is within sight, as loss before tax in 2021 was substantially narrowed to $2.4 million from $22.0 million the year before.
The $18.7 million sale of its Alaskan oil & gas credits allowed it to repay an outstanding debt of $16.1 million, giving 88 a debt-free balance sheet at the end of 2021.
On Thursday, it announced the successful drilling of the Merlin-2 surface hole, with the well targeting 652 million barrels of oil.
Shares 88 Energy were down 2.6% to 2.29 pence each in London on Friday afternoon.
Non-Executive Chair Philip Byrne commented: ‘The past year has been one of substantial achievement for 88E. Against a backdrop of persistent Covid-19 related challenges, the business has advanced its plans efficiently, significantly, and rapidly.
‘This progress has been delivered alongside a resurgence in global energy prices, as the world increasingly recognises the significant role that hydrocarbons must continue to play in servicing transitional energy needs.’
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