Business
2009 Interim Results
2009 Interim Results.
About this update from Afentra Plc
[{"type":"text","content":"\n RNS Number : 4999Z Sterling Energy PLC 23 September 2009 \n \n23 September 2009\n\nSTERLING ENERGY PLC\n('Sterling', the 'Company' or the 'Group')\n\n2009 Interim Results\n\nFocus Returns to Delivering Shareholder Value \nAfter £62.5 million Fund Raising\n\nSterling Energy PLC (AIM: SEY) an independent oil and gas exploration and production company with interests in the Middle East, Africa and the USA, today announces its financial results for the six month period ending 30 June 2009.\n\n\nHighlights\n\n\n\nFinancial position strengthened post period end following successful £62.5 million gross ($103 million) placing and agreed bank waiver to mid-February 2011. Proposed open offer to raise up to £20.6 million gross ($34 million) expected to be offered to shareholders in November. \n \n\n\nBoard and management team revitalised by appointment of Alastair Beardsall as Executive Chairman and Keith Henry as a Non-executive Director.\n \n\n\nPreparations to drill the first exploration well on Sangaw North, Kurdistan progressed with unrisked best estimate prospective resources for the Upper Cretaceous reservoir of 804 mmbbl.\n \n\n\nSterling remains committed to selling the USA business. USA gas prices have declined further during the period.\n \n\n\nAverage Group first half production fell 13% to 4,563 boe/d (1H 2008: 5,242 boe/d), 5% below the average production rate for full year 2008. USA accounted for 77% of production (1H 2008: 82%). \n \n\n\nGroup turnover decreased 24% to $43.3 million. Operating loss $1.6 million before non-cash impairment write-downs of $40.6 million (H1 2008: operating profit $3.4 million before non-cash impairment write-downs of $30.4 million).\n \n\n\nCurrent unrestricted cash is $67.1 million and debt of $74.4 million. $49 million of bank debt repaid to date since start of 2009. \n\n\n \nProspects and Outlook\n\n\n\n\nThe Board will conduct a full review of the Group's exploration and production assets and seek to add new projects which will be opportunity led rather than geographically limited.\n\n\nIntention r...