Sterling Energy plc Results for the six months ending 30 June 2018

Posted by OilVoice Press - OilVoice



Sterling Energy plc (‘Sterling' or the ‘Company'), together with its subsidiary undertakings (the ‘Group'), an upstream oil and gas company listed on the AIM market of the London Stock Exchange (Ticker Symbol: SEY) today announces its results for the six month period ending 30 June 2018.

The Company is an experienced operator of international exploration and production licences, with a primary geographic focus on Africa and the Middle East. The Group has a high potential exploration asset in Somaliland and an active strategy to deliver shareholder value through disciplined, material exploration and production projects; leveraging the Company's experience, with an emphasis on securing near term cash flow generative opportunities.

Corporate summary

  • January 2018: Chinguetti, Mauritania; cessation of production (‘CoP') and negotiated termination of the Funding Agreement.
  • June 2018: David Marshall appointed as CEO.
  • Continued merger and acquisition (‘M&A') mandate for growth (at both asset and corporate level).
  • Continued focus on capital discipline.

Operations summary

  • Odewayne block, Somaliland; trial line 2D seismic processing completed, with initial deliverables currently being assessed.

Financial summary

  • Cash net to Group, as at 30 June 2018 of $46.9 million (30 June 2017: $83.5 million), debt free.
  • Group turnover of $534k (1H 2017: $2.2 million) from the Chinguetti field, offshore Mauritania.
  • Loss after tax of $1.1 million (1H 2017: loss $2.2 million).
  • Adjusted EBITDAX loss of $932k (1H 2017: loss $1.6 million).

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