LONDON (Alliance News) - RockRose Energy PLC said Thursday it swung to an half-year profit after recording "strong" revenue as it started producing oil and gas.
For the six months to June 30, the oil & gas company posted pretax profit of USD5.1 million compared to a USD2.4 million loss a year ago. Revenue for the period came in at USD66.7 million versus nothing the year prior.
Average realised oil price in the six-month period was USD72.85 per barrel and gas price of USD44.64 barrel of oil equivalent, while average production was 5,176 barrels of oil equivalent per day, of which 444 were gas. In the first half of 2017 the company did not produce any oil or gas.
"Your company continues to make strong progress and is in the process of completing two further acquisitions, which will more than double current production to over 11,000 boepd. All conditions precedent for the Dyas acquisition have now been satisfied. We continue to benefit from rising hydrocarbon prices. We are also observing an increase in the economic life of the portfolio with dates for decommissioning being delayed in line with the government's MER strategy," said Chairman Andrew Austin.
RockRose shares were trading up 0.9% at 409.58 pence each.
