Business
Results for the six months ending 30 June 2014
Results for the six months ending 30 June 2014.
About this update from Afentra Plc
[{"type":"text","content":"\n \nRNS Number : 6735M Sterling Energy PLC 18 July 2014 \n \n\n \n18 July 2014\nSTERLING ENERGY PLC\n \nResults for the six months ending 30 June 2014\nSterling Energy Plc (\"Sterling\", the \"Company\" or the \"Group\"), (Ticker Symbol: SEY), the AIM listed upstream oil and gas company with interests in Africa today announces its results for the six month period ending 30 June 2014.\n \nSummary\n§ Cash as at 30 June 2014 of $110.9 million ($109.8 million net of partner funds), no debt.\n \n§ Group turnover of $9.1 million (H1 2013: $10.6 million). \n \n§ Profit after tax of $1.7 million (H1 2013: $1.8 million).\n \n§ Average net Group production of 436 bopd (H1 2013: 534 bopd). \n \n§ EBITDA of $4.7 million (H1 2013: $5.3 million).\n \n§ In the Ntem concession, a large deep water block offshore Cameroon, the Bamboo-1 exploration well was spudded on 9 February 2014. The well reached a total drilled depth of 4,747 m, however no commercial hydrocarbons were found and the well has been plugged and abandoned. The data from the well will be used to assess the remaining prospectivity of this large deep-water block which covers some 2,319 km2. The current phase of the Ntem concession runs to April 2015 with no outstanding work commitments; there is an option to extend the exploration term by a further two years.\n \n§ In Somaliland, Sterling's interest in the large onshore block is carried by Genel Energy Somaliland Limited (\"Genel\") for the costs of all exploration activities during the Third and Fourth Periods of the Odewayne Production Sharing Contract (\"PSC\"). The Third Period expires in November 2016, with an outstanding minimum work obligation of 500 km of 2D seismic, while the Fourth Period expires in May 2018, with a minimum work obligation of 1,000 km of 2D seismic and one exploration well. Operations in Somaliland have been delayed while the Government of the Republic of Somaliland establishes a trained and equipped Oilfield Protection Unit (\"OPU\") that can provide the level of security required by the in-country operators so that future seismic and drilling operations can be conducted safely. The Third Period of the PSC was recently extended by two years in order to allow time for the OPU to be established. The OPU is expected...