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Serinus Energy PLC on Monday said in its annual report that 2024 was marked by ‘stable production and commodity prices’. The Romania and Tunisia-focused oil and gas explorer and developer’s pretax loss was $8.6 million for 2024, narrowed from $11.4 million for 2023. Revenue however decreased 14% to $15.4 million from $17.9 million, which Chief Executive Officer Jeffrey Auld said ‘[demonstrated] stable production and commodity prices’. Production totalled 555 barrels of oil equivalent per day, down 14% on-year from 642 boe/d. Total administrative expenses meanwhile fell 26% to $3.6 million from $4.9 million, although production expenses rose 1.5% to $8.1 million from $8.0 million. Serinus, which is ‘currently focused on enhancing production from its Tunisian assets’, also generated $865,000 in cashflow from operating activities, down 55% on-year from $1.9 million, and invested $1.1 million in capital expenditure, down 80% from $5.5 million. Chair Lukasz Redziniak said Serinus spent 2024 ‘in preparations for drilling operations in 2025’, adding: ‘I am pleased to say that the team has been diligent in their efforts and all long-lead items are in [Tunisia] ready to begin operations in 2025.’ CEO Auld further commented: ‘Our 2024 results reflect both the challenges and opportunities as we navigate a complex energy landscape in both of our business units. ‘Operationally 2024 was a year where the group accrued cash, refined its drilling and development plans and put in place the equipment, manpower and technical knowledge to progress developments in 2025.’ He continued: ‘Looking ahead we are eager to commence the well side-track at the Sabria W-1 well...Third-party estimates suggest that incremental gross production from the introduction of this pump could exceed 400 boe/d.’ Shares in Serinus were down 5.5% at 2.51 pence on Monday afternoon in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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