Business
Interim Results
Interim Results.
About this update from Afentra Plc
[{"type":"text","content":"\n Sterling Energy PLC\n19 September 2006\n\n\n STERLING ENERGY PLC\n\n 2006 INTERIM RESULTS\n EXCELLENT PROGRESS ON POTENTIAL HIGH IMPACT PROJECTS\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 2006 Interim Results together with an update on progress and\noutlook.\n\nHIGHLIGHTS\n\n• First half 2006 turnover up 263% at £24.5 million (H1 2005, £6.7 million: \n year 2005, £13.6 million)\n\n• Net profit up 159% at record £4.9 million in first half 2006 (H1 2005, \n £1.9 million; year 2005, £2.1 million)\n\n• Record earnings per share of 0.34p (H1 2005, 0.13p, year 2005, 0.15p)\n\n• Record cash inflow from operations of £15.8 million H1 2006 compared with \n outflow of £11.8 million in first half 2005 (year 2005 outflow of\n £7.4 million)\n\n• Record H1 2006 production of 4,671 boepd, up 175% on H1 2005\n\n• Average Group realised sales prices, after hedging costs, of $51.86/boe \n (first half 2005 $40.78/boe)\n\n• Unrestricted cash of £15.5 million at end of June 2006 (end 2005: \n £7.6 million) and undrawn bank facility of £4.9 million. Increased since\n by approximately £7 million\n\n• First oil produced from Chinguetti field on time in late February 2006: \n operational uncertainties about field productivity and future development \n plans reduce internal 2P ultimate field reserve estimate by 43% to\n 80 million bbls\n\n• Internally estimated Sterling Group 2P reserves of 16.6 million boe at \n end June 2006 (December 2005: 21.3 million boe)\n\n• Drilling underway: 5 wells expected over the second half, 4 in US with \n potential to double reserves there\n\n• Carried second half exploration well in Mauritania\n\n• Tiof and Tevet development proposals awaited: Sterling royalty interest \n has no development cost and cost benefits could accrue to Chinguetti\n\n• 2D survey in Madagascar being processed: Exxon to become operator of \n Ampasindava block, contiguous to its other offshore licences where\n an exploration well is expected in late 2007\n\n• Planning for mid-2007 well offshore Gabon on track (20.57% interest, 18% \n carried) with internally estimated upside of net 10 million bbl\n\n• Two wells offshore Guinea-Bissau on track for mid 2007: internally \n es...