(Alliance News) - Prospex Oil & Gas PLC has swung to a maiden profit, it said Thursday, as it made "significant" progress on its onshore European projects.
Prospex's main three assets are the Suceava concession in Romania, from which first gas came from the Bainet-1 well during the year; Podere Gallina in Italy, where it has made a commercial gas discovery; and Tesorillo in Spain.
The company's pretax profit for the year was GBP779,904, having posted a loss of GBP3.2 million in 2017. This came after a gain on the revaluation of investments.
"A maiden net profit is testament to the progress made on the ground across our portfolio of late stage European projects during the year under review," said Managing Director Edward Dawson.
"This includes first gas production in Romania, confirmation of a commercial gas discovery in Italy and an increase in our interest in the up to 830 billion cubic feet Tesorillo gas project in Spain to 15% from 2.5%, following completion of 2018 work programmes. Our objective remains to expose our shareholders to a continuous stream of high impact activity, and in line with this we are focused on ensuring 2019 builds on the success we have had over the past two years," he continued.
"2019 is expected to see us participate in the drilling of a second well in Romania targeting a prospect that is a lookalike to the producing Bainet field, and further advance our work programmes in Spain and Italy."
Prospex shares were 4.3% lower on Thursday at a price of 0.18 pence each.
