Business
Results for the 6 months ending 30 June 2013
Results for the 6 months ending 30 June 2013.
About this update from Afentra Plc
[{"type":"text","content":"\n \nRNS Number : 7843J Sterling Energy PLC 22 July 2013 \n \n\n \n22 July 2013\n \nSTERLING ENERGY PLC\n \nResults for the 6 months ending 30 June 2013\n \nSterling Energy Plc (\"Sterling\", the \"Company\" or the \"Group\"), (Ticker Symbol: SEY), an upstream oil and gas company with interests in Africa, today announces its results for the six month period ending 30 June 2013. \n \n \nSummary\n \n§ Cash as at 30 June 2013 of $119.3 million ($118.0 million net of partner funds), no debt. $4.8 million expected in August from sale of Chinguetti cargo lifted in June.\n \n§ Group turnover of $10.6 million (H1 2012: $14.0 million). \n \n§ Profit after tax of $1.8 million (H1 2012: $4.7 million).\n \n§ Average net Group production increased to 534 bopd (H1 2012: 501 bopd). \n \n§ EBITDA of $5.3 million (H1 2012: $8.2 million).\n \n \nProspects and Outlook\n \n§ In the Ntem concession, a large deep water block offshore Cameroon, Murphy Cameroon Ntem Oil Co. Ltd (''Murphy'') has indicated that the first exploration well in the Ntem block may commence drilling in the first quarter of 2014. The Company notes that an affiliate of Murphy also plans to drill an exploration well in the adjacent Elombo block in the third quarter of 2013; the proposed well will be located close to the boundary with the Ntem block, and may offer an early opportunity to reduce the risk in the identified prospectivity in Ntem\n \n§ In Madagascar, Sterling has received government approval of the prolongation of the Ampasindava and Ambilobe licences and awaits the final gazettal of these agreements which is expected to take approximately one month. The Company expects the large Sifaka prospect in the Ampasindava block to be drilled in 2015, subject to the conclusion of the elections process being conducted in the country.\n \n§ In the Chinguetti field, offshore Mauritania, production performance was consistent with the recently observed lower decline rate.\n \n \nFor further information contact:\n \nSterling Energy plc (+44 20 7405 4133)\nAlastair Beardsall, Chairman\nAngus MacAskill, Chief Executive\n \nLiberum Capital (+44 20 3100 2222) ...