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Serinus Energy PLC on Monday reported a double-digit rise in interim revenue as average realised oil prices increased significantly.
For the six months that ended on June 30, the Jersey-based upstream oil and gas exploration and production company said revenue was $29.3 million, up 84% from $15.9 million a year earlier.
Serinus said the average realised price rose sharply to $154.83 per barrel of oil equivalent, from $43.83 a year earlier.
It swung to a pretax net income of $4.3 million from a loss of $443,000.
Earnings before interest, tax, depreciation and amortisation amounted to $8.1 million during the period, up 47% from $5.5 million a year earlier.
Turning to production, Serinus said it has started drilling of the first of two exploration wells planned in the second half of 2022 in Romania to find additional gas resources.
It said production in Tunisia remained stable in the first half of 2022.
Shares were up 8.7% at 12.50 pence each on Monday morning in London.
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