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Annual Financial Report
Annual Financial Report.
About this update from Afentra Plc
[{"type":"text","content":"\n \nRNS Number : 9179R Sterling Energy PLC 14 March 2016 \n\n \n \n \n \n14 March 2016\n \nSTERLING ENERGY PLC\n \nANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015\n \nSterling Energy Plc is today issuing its preliminary results for the year ended 31 December 2015.\n \nOVERVIEW\n\n\n\nSterling Energy plc ('Sterling' or the 'Company'), together with its subsidiary undertakings (the 'Group'), is an upstream oil and gas company listed on the AIM market of the London Stock Exchange. The Company is an experienced operator of international licences, with a primary focus on Africa. The Group currently has high potential exploration projects in Mauritania, Madagascar, Somaliland and Cameroon together with a production interest in Mauritania.\n \n2015 SUMMARY\n· Production, net to the Company (including royalty barrels) from the Chinguetti field, averaged 310 barrels of oil per day ('bopd') (2014: 432 bopd).\n· Adjusted Earnings before Interest, Tax, Depreciation, Amortisation and Exploration Expense ('EBITDAX') loss for the Group of $6.3 million (2014: $5.1 million earnings).\n· Board and Management appointment of Eskil Jersing as CEO in March 2015.\n· Transfer of Murphy's 50% interest in the Ntem block to Sterling (now 100% and operator), offshore Cameroon, completed in April 2015.\n· Ampasindava block, Madagascar, exit (30% interest) in May 2015.\n· Completed 1,175km2 3D seismic acquisition safely, on time and budget over the Ambilobe block, offshore Madagascar, in June 2015, final processed data expected in-house Q1 2016.\n· Acquisition from Tullow Oil of a 40.5% interest in PSC C-3 exploration block, offshore Mauritania, completed in July 2015. Exited block in February 2016.\n· Acquisition from Tullow Oil of a 13.5% interest in PSC C-10 exploration block, offshore Mauritania, completed in November 2015.\n· Working with Chinguetti oil field stakeholders on a safe, cost effective and technically robust decommissioning and abandonment plan.\n· Cash resources at 31 December 2015 of $98.7 m...