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Sterling Energy posts annual loss as Mauritania asset winds down

Monday, 25th March 2019
Sterling Energy booked a narrower annual loss as it cut costs amid a fall in revenue at a key asset in Mauritania.

Net losses for the year through December amounted to $2.0m, compared to losses of $9.0m on-year.

During 2018, there was just one lift from the Chinguetti field in Mauritania of 9,222 barrels net to the company, resulting in group turnover of around $0.5m.

That compared to revenue in the previous year of $4.4m.

'The outlook for 2019 is exciting,' chairman Michael Kroupeev said.

'Post Chinguetti the company is pursuing opportunities in our focus areas, utilising our technical expertise,' he added.

'Should market conditions worsen, we will preserve our capabilities, strengths and cash position to weather any storm.'

At 9:04am: (LON:SEY) Sterling Energy PLC share price was +0.65p at 11.2p

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