LONDON (Alliance News) - Rockrose Energy PLC said on Tuesday that 2018 was a year of "significant delivery", as revenue rocketed, though profit dived on a non-repeating gain.
Revenue for 2018 amounted to USD153.1 million, versus just USD7.4 million the year before. However, the company's pretax profit slumped to USD7.4 million from USD74.1 million in 2017.
In 2017, the company had booked a non-repeating USD87.8 million boost, related to its Idemitsu acquisition.
Rockrose posted adjusted earnings before interest, tax, depreciation and amortisation of USD77.2 million, versus a loss of USD4.3 million the year before.
Looking ahead, capital expenditure for 2019 is anticipated to be around USD85 million as Rockrose continues to invest in its assets.
"A significant proportion of this is related to Arran where first gas is on target to be delivered early in 2021," the company explained. "Production life of the Ross & Blake fields is being extended from 2024 to at least 2029."
On Brexit, the company said it does not anticipate any direct problems given oil is an "international commodity".
"We are also currently a non-operator in the Netherlands with no employees and few EU suppliers and therefore envisage little impact on our Dutch operations. The company will continue to evaluate the position as pre and post negotiations progress," said Rockrose.
Shares in Rockrose are currently suspended.
