Serinus swings to loss on impairment charges; revenue plunges

(Alliance News) - Serinus Energy PLC on Monday said a Romanian asset impairment hurt its 2023 results.

Shares in Serinus dropped 10% to 2.20 pence each in London on Monday afternoon.

The Romania and Tunisia-focused oil and gas exploration, appraisal and development company reported that it swung to a pretax net loss of USD11.4 million in 2023 from a net income of USD4.8 million the year prior, due to an impairment expense of USD7.0 million from its Romanian assets relating to the depletion of the Moftinu gas field.

The firm also saw its annual revenue plunge by 64% to USD17.9 million in 2023 from USD49.3 million the year before.

Earnings before interest, tax, depreciation and amortisation fell by 83% to USD2.1 million USD12.7 million in 2022.

Looking ahead, Serinus said it will focus on developing its Tunisian operations and enhancing production.

By Sabrina Penty, Alliance News reporter

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