News listings

energy-pedia general news

Serinus Energy announces Q1 2024 interim financial results


13 May 2024

Photo - see caption

Serinus Energy, an international upstream oil and gas exploration and production company that owns and operates projects in Tunisia and Romania, has announced its interim financial results for the three months ended 31 March 2024.

Q1 2024 Highlights

 Financial

  • Revenue for the three months ended 31 March 2024 was $4.6 million (31 March 2023 - $4.9 million)
  • EBITDA for the three months ended 31 March 2024 was $0.9 million (31 March 2023 - $0.8 million)
  • Gross profit for the three months ended 31 March 2024 was $1.0 million (31 March 2023 - $0.9 million)
  • Net loss for the three months ended 31 March 2024 was $0.5 million (31 March 2023 - net loss $1.3 million)
  • The Group realised a net price of $80.24/boe for the three months ended 31 March 2024 (31 March 2023 - $78.87/boe), comprising:
    • Realised oil price - $84.27/bbl (31 March 2023 - $80.07/bbl)
    • Realised natural gas price - $10.99/Mcf (31 March 2023 - $12.72/Mcf)
  • The Group's operating netback decreased for the three months ended 31 March 2024 and was $33.04/boe (31 March 2023 - $39.52/boe), in line with lower production volumes in Romania and significantly lower realised gas prices, comprising:
    • Romania operating netback - negative $55.66/boe (31 March 2023 - $26.59/boe)
    • Tunisia operating netback - $40.16/boe (31 March 2023 - $43.92/boe)
  • Capital expenditures of $0.3 million for the three months ended 31 March 2024 (31 March 2023 - $2.4 million)

Operational

  • Production in Chouech Es Saida continues to increase with the benefits of artificial lift programme
  • Long lead items for the Sabria W-1 sidetrack have been ordered and are on schedule. Discussions are on-going with Compagnie Tunisienne de Forage (CTF), the state rig company, regarding availability of rigs to perform this sidetrack
  • The Group completed lifting 62,930 bbl of Tunisian crude oil in the second half of March 2024 at an average price of $82.76/bbl with the cash proceeds of $3.2 million received in April 2024 (net of $2.0 million in monthly prepayments previously received)
  • The Moftinu Gas Field continues to produce at naturally declining rates
  • Production for the quarter averaged 635 boe/d, comprising:
    • Romania - 49 boe/d
    • Tunisia - 586 boe/d
  • The Group continued its excellent safety record with no Lost Time Incidents in first quarter of 2024
  • The Group has withdrawn from the Preferred Bidder status in Angola as it was unable to agree commercial terms with the Angolan authorities

Original announcement link

Source: Serinus Energy





Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current Deals

Current Upstream Deals: 232

Completed Deals

Completed Upstream Deals: 6585

Company Profiles

Current Company Profiles: 2915

Corporate Activity

Current Corporate Activity articles: 4158

Companies Looking

Current number of articles: 466

Company Sales

Current Company Sales articles:1664

Geostudies

Current Geostudies articles: 974

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

energy365
Union Jack Oil 149
Bayphase
Telos NRG
Syntillica
Government of South Australia
Merlin
Borchwix
Rose & Assocs
OPC
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com