The pace of growth has been held back as travel restrictions prevent the mobilisation of technical experts nonetheless half-year production, revenue and profit were all up
() shares moved into positive territory in Friday morning deals after the Romania and Tunisia-focused group’s interim results confirmed a 267% rise in volumes.
Production averaged 2,495 barrels oil equivalent per day (boepd) during the six months ended June 30, 2020, versus 680 barrels in the comparative period in 2019.
The exit rate was 2,514 boepd at the end of June, with 1,931 barrels coming from the assets in Romania and the remainder produced in Tunisia.
The company said it continued to operate safely and effectively through the coronavirus (COVID-19) crisis, albeit a 3D seismic data acquisition programme originally slated for the first half was postponed.
Whilst Romanian volumes are up, the company noted that the increase has come slower than originally anticipated due to restrictions in the mobilisation of technical experts across national borders due to the pandemic.
Serinus reported US$13.3mln of gross revenue for the six month period, and US$12.4mln net of royalties up from US$6.4mln in the period a year earlier. The revenue comprised US$9.9mln from Romania and US$3.4ml from Tunisia.
Funds from operations, meanwhile, amounted to US$4.3mln up from US$1.4mln. The company saw a realised crude oil price of US$31.96 per barrel and a realised natural gas price of US$4.74 per thousand cubic feet.
Capital expenditure amounted to US$3.1mln for the six months. The company noted that all future capital investment plans have been postponed due to ongoing uncertainty around COVID-19, and capital will only be committed to ensure the safe and continued operation of production facilities.
“All capital plans in Romania have been postponed as well as the scheduled maintenance programme at the Moftinu Gas Plant that was set for May 2020, which is now scheduled for September 2020,” the company said in its statement.
“Our teams have designed an incremental maintenance programme considering the postponed gas plant turn-around and has ensured this change will not have any negative impacts to the safety or performance of the gas plant.”
Serinus shares rose by 4.35% in Friday’s early deals to trade at 6p each.