(Alliance News) - 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 USD4.4 million from USD246,778 in 2020.
Profit is within sight, as loss before tax in 2021 was substantially narrowed to USD2.4 million from USD22.0 million the year before.
The USD18.7 million sale of its Alaskan oil & gas credits allowed it to repay an outstanding debt of USD16.1 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."
By Elizabeth Winter; elizabethwinter@alliancenews.com
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88 Energy (88E)