Business
2005 Preliminary Results
2005 Preliminary Results.
About this update from Afentra Plc
[{"type":"text","content":"\n Sterling Energy PLC\n24 April 2006\n\n\n\n24 APRIL 2006\n\n\n\n STERLING ENERGY PLC\n\n 2005 PRELIMINARY RESULTS\n\n ANOTHER SUCCESSFUL YEAR AND GREAT OPTIMISM FOR 2006\n\nSterling Energy, the AIM listed (symbol: SEY) independent oil & gas exploration\nand production company operating in the Gulf of Mexico and Africa, today\nannounces its 2005 Preliminary Results together with an update on progress and\noutlook.\n\n\n2005 HIGHLIGHTS\n\n\nFinancial\n\n\n• Turnover increased by 19% to £13.6 million (2004: £11.5 million)\n\n• Pre-tax profit up 47% to a record £6.1 million (2004: £4.2 million) \n before one-off Perth office closure cost of £1.2 million\n\n• Cash inflow from operations, before the one-off closure cost and\n working capital movements, increased by 13% to £8.8 million (2004: £7.8\n million),\n\n\nProduction and reserves\n\n\n• Average attributable production increased 4% to 9.7 mmcfged\n (2004: 9.3 mmcfged) despite the impact of several highly destructive \n hurricanes in the Gulf of Mexico\n\n• Realised prices up 12% at $6.37/mcfge (2004: $5.68/mcfge)\n\n• Net year-end proven & probable reserves over 21 million boe, of\n which 65% are in the proven category\n\n\nOperational\n\n\n• Major investment in the offshore Mauritania Chinguetti field\n development continued with a further $65 million of cash invested by \n Sterling in the year and a further investment of $50 million projected \n in 2006. Local office opened\n\n• Three drilling successes offshore Mauritania with a 6th appraisal well \n on the 300+ million bbl Tiof (Oualata) field, an appraisal well\n on the 50 million bbl gross Tevet discovery and a new 30 million bbl \n gross discovery, Labeidna. All wells were drilled at no cost to Sterling\n\n• Key farmout to Exxon-Mobil on Madagascar acreage with Sterling\n remaining as operator: carried 30% interest through seismic and up to \n four well drilling programme\n\n• New interest offshore Gabon adjacent to existing licences\n\n• Extreme weather conditions offshore USA curtailed work programme\n\n• Farmout of heavy oil discoveries in AGC\n\n\n\n2006 HIGHLIGHTS\n\n\nOperational\n\n\n• Chinguetti field production commenced on-time in late February\n and first Sterling lifting took place in early April. Production levels \n to the end of March averaged 59,000 bpd gross. The...