Business
Half Yearly Report
Half Yearly Report.
About this update from Afentra Plc
[{"type":"text","content":"\n \nRNS Number : 8590K Sterling Energy PLC 22 July 2011 \n \n\n \n22 July 2011\n \nSTERLING ENERGY PLC\n \nResults for the 6 months ending 30 June 2011\n \nSterling Energy Plc (\"Sterling\", the \"Company\" or the \"Group\"), (Ticker Symbol: SEY), an upstream oil and gas company with interests in Africa and the Middle East, today announces its results for the six month period ending 30 June 2011. \n \n \nSummary\n \n§ Sangaw North-1 exploration well in Kurdistan drilled to total depth of 4,190m; flow tests recovered hydrocarbons at non-commercial rates. \n \n§ Average net Group production decreased by 8% to 626 bopd (H1 2010: 681 bopd). \n \n§ Group turnover decreased 22% to $9.5 million (H1 2010: $12.2 million). \n \n§ Profit after tax of $6.5 million (H1 2010: profit of $0.1 million).\n \n§ Cash flow from operations of $5.8 million (H1 2010: $3.8 million).\n \n§ Cash as at 30 June 2011 of $113.4 million ($100.1 million net of partner funds), no debt.\n \n \nProspects and Outlook\n \n§ In the Sangaw North block, onshore Kurdistan, an integrated interpretation of the 2D seismic and the data \nacquired during the Sangaw North-1 well operations will be conducted to determine the potential of the block prior to recommendations to the joint venture group on future activity. \n \n§ In the Ntem concession, a large block offshore Cameroon containing four material prospects, farm out activities \nhave been progressed and the Company is in final discussions with interested parties. The block remains in force majeure awaiting the resolution of the maritime border dispute between Cameroon and Equatorial Guinea. \n \n§ The large Sifaka prospect in the Ampasindava block, offshore Madagascar, is ready to drill and Sterling awaits \nconfirmation from ExxonMobil on the expected timing for the exploration well. \n \n§ In the Ambilobe block, offshore Madagascar, Sterling is continuing discussion with OMNIS, the state regulator, \nwith regard to the extension of the exploration period of the licence. \n \n§ In the Chinguetti field, offshore Mauritania, production is declining at a significantly lower rate than previously \nobserved supporting a f...