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Serinus Energy losses deepen; postpones capital investment plans

By BFN News | 08:00 AM | Friday 14 August, 2020

Romania and Tunisia focused oil company Serinus Energy posted a deeper first-half loss and said it had postponed all capital investment plans due to the pandemic. Pre-tax losses for the six months through June amounted to $12.9m, compared to losses of $3.6m on-year. Revenue more than doubled to $13.3m, up from $6.4m, but the rise was offset by higher royalty and production costs and expenses associated with asset depletion and depreciation. In Romania, Serinus said a 3D acquisition programme, due to be completed in the first half, had been postponed due to Covid-19 restrictions. Production increases in Tunisia, meanwhile, had been lower than anticipated due to an inability to mobilize technical experts across national borders. 'Given the ongoing uncertainty of the Covid-19 crisis and the difficulty in moving personnel and equipment during this crisis all future capital investment plans have been postponed,' Serinus said. 'Capital will only be allocated to ensure the safe and continued operation of our production facilities.' At 8:00am: (LON:SENX) Serinus Energy Plc Ord Npv share price was -0.25p at 5.5p Story provided by

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