Business
Results for the six months ending 30 June 2016
Results for the six months ending 30 June 2016.
About this update from Afentra Plc
[{"type":"text","content":"\n \nRNS Number : 4362F Sterling Energy PLC 28 July 2016 \n\n28 July 2016\nSterling Energy plc\n \nResults for the six months ending 30 June 2016\n \nSterling Energy plc ('Sterling' or the 'Company'), together with its subsidiary undertakings (the 'Group'), an upstream oil and gas company listed on the AIM market of the London Stock Exchange (Ticker Symbol: SEY) today announces its results for the six month period ending 30 June 2016.\n \nSterling is an experienced operator of international licences, with a primary focus on Africa. The Group has high potential exploration projects in Mauritania, Somaliland and Cameroon together with a production interest in Mauritania.\n \nFinancial summary\n· Cash as at 30 June 2016 of $92.5 million ($92.4 million net of partner funds), no debt.\n \n· Group turnover of $1.3 million (1H 2015: $3.6 million). \n \n· Loss after tax of $8.2 million (1H 2015: loss $1.5 million).\n \n· Average net Group entitlement to production of 214 bopd (1H 2015: 358 bopd). \n \n· Adjusted EBITDAX loss of $1.7 million (1H 2015: loss $1.5 million).\n \nOperations summary\n· Recent production performance for the Chinguetti field, offshore Mauritania has been consistent with the operator's projected 2016 forecast. The depressed oil price continues to have an onerous impact on the Chinguetti project and future joint venture economics. Discussions continue amongst respective stakeholders with the objective to execute an agreed and effective field decommissioning plan, following cessation of production, which is currently envisaged to be in late 2016/ early 2017.\n \n· In Mauritania, block C-10, the joint venture have been maturing the prospect and lead inventory to inform the selection of a drilling candidate to meet the well commitment due by November 2017. Work has focused on the range of play types present within C-10 and in particular developing the Cenomanian play proven by Kosmos Energy in their deepwater Mauritanian acreage. \n \n· In Somaliland, Sterling's interest in the large onshore Odewayne PSC block is ca...