(Alliance News) - Serinus Energy PLC on Monday reported a double-digit rise in interim revenue as average realised oil prices increased significantly.
For the six months that ended on June 30, the Jersey-based upstream oil and gas exploration and production company said revenue was USD29.3 million, up 84% from USD15.9 million a year earlier.
Serinus said the average realised price rose sharply to USD154.83 per barrel of oil equivalent, from USD43.83 a year earlier.
It swung to a pretax net income of USD4.3 million from a loss of USD443,000.
Earnings before interest, tax, depreciation and amortisation amounted to USD8.1 million during the period, up 47% from USD5.5 million a year earlier.
Turning to production, Serinus said it has started drilling of the first of two exploration wells planned in the second half of 2022 in Romania to find additional gas resources.
It said production in Tunisia remained stable in the first half of 2022.
Shares were up 8.7% at 12.50 pence each on Monday morning in London.
By Xindi Wei; xindiwei@alliancenews.com
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Serinus Energy (SENX)