(Alliance News) - Upstream oil & gas company Sterling Energy PLC said on Friday that it generated no revenue in the first six months of the year but did narrow its losses after administrative costs fell.
For the six months to June 30, the company made a pretax loss of USD645,000 down from USD1.1 million from the same period last year. In the first half of 2018, it had a revenue of USD534,000.
The company's only income came from its "proactive treasury management". It received a finance income of USD574,000, representing interest it received on cash it held, Sterling said it will continue to focus on managing its cash reserves in order to maximise interest.
Administrative expenses fell year-on-year to USD1.2 million from USD1.6 million and it anticipates general administrative expenses for the full year to be at USD2.4 million, which would be 20% down on financial 2018 where it totalled USD3.0 million.
Looking ahead, the company said that costs associated with the Odewayne block in Somaliland in the third and fourth quarters will be covered by Genel Energy Somaliland Ltd.
Shares in the company were down 0.5% at 10.25 pence each in London on Friday afternoon.
