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IN BRIEF: Petroneft Annual Loss Narrows Despite Revenue Reduction

Fri, 25th Sep 2020 13:44

PetroNeft Resources PLC - Russia-focused oil and gas explorer - Pretax loss narrows to USD5 million in 2019 from GBP7.5 million the year prior. This is despite revenue dropping 22% to USD1.4 million from USD1.8 million as gross production shrinks to 1,614 barrels of oil per day from USD1,955. Administrative expenses were USD807,507, down from USD1.5 million. No impairment of financial assets compared to USD3.1 million such cost in 2018.

"The outlook remains challenging due to the combination of the coronavirus outbreak and turbulence in the oil price. These events continue to affect the market capitalization of the company. Our workovers and water flood optimization programs have stabilized our production rate and arrested the long-term production decline from our existing fields. We continually focus on cost and negotiate with key contractors and suppliers in securing better pricing to boost margins per barrel. The completion of the mini oil processing unit at License 61 should further reduce operating costs. On License 67, I am particularly looking forward to seeing this asset being transformed from an exploration to a production asset in 2021," says Chair David Golder.

Cash held at year-end is USD345,532, down from USD801,938.

Current stock price: 0.65 pence

Year-to-date change: down 50%

By Ife Taiwo; ifetaiwo@alliancenews.com