(Alliance News) - Serinus Energy PLC on Friday announced a significant increase in revenue in the first nine months of the year from its Romania operations while Tunisia operations lagged.
The oil company with operations in Romania and Tunisia posted a pretax loss of USD12.3 million for the nine months ended September 30, widened from USD1.8 million a year before. Impairment expenses cost the company USD9.6 million, versus no such charge a year before.
Revenue totalled USD18.2 million, up 17% from USD15.5 million a year prior. Romania operations stole the show increasing revenue 31% year-on-year to USD12.7 million from USD9.7 million. Tunisia operations saw revenue dip 5.5% to USD5.4 million from USD5.7 million.
Average production was 2,415 barrels of oil equivalent per day, more than doubled from 1,168 a year before. Production in Romania jumped to 1,841 barrels of oil equivalent per day from 814 a year before, while output in Tunisia rose 62% to 574 barrels from 354.
Serinus said its exit rate on September 30 was 2,211 barrels of oil equivalent per day, with 1,730 in Romania and 481 in Tunisia.
The realised price per barrel of oil almost halved year-on-year to USD34.81 in recent period from USD61.20 a year before. The average realised price per barrel of oil equivalent, including gas and condensate, fell 44% to USD27.45 from USD48.61 a year before.
Going forward, Serinus noted the uncertainty caused by shifting oil prices.
Serinus said: "Although global oil prices have partially recovered since April, there remains significant uncertainty over the continuing impact of Covid-19 on future global oil demand and the outlook for commodity prices including gas prices in Romania."
Serinus shares were down 4.5% at 3.20 pence each in London on Friday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Serinus Energy (SENX)