LONDON - Sterling Energy PLC on Tuesday said it remained in the red during the first quarter of 2017, despite seeing revenue and production both more than double from the previous year, and it said its plan to drive growth through mergers and acquisitions is continuing.
Sterling said net production from the Chinguetti field off the coast of Mauritania was raised to 342 barrels per day on average in the three months to the end of March, improving from 106 barrels daily a year earlier.
That helped to bump up revenue in the first quarter to USD2.1 million from just USD725,000 a year earlier. Notably, total revenue over all 12 months of 2016 was USD4.8 million, implying Sterling is on track to comfortably multiply revenue over the full year.
The adjusted loss before interest, tax, depreciation, amortisation and exploration expense was USD784,000 in the first quarter versus the USD2.0 million loss a year before, while the loss after tax narrowed to USD1.2 million from USD5.0 million.
- Written by Abdullahi
- Category: EUROPE