Sterling Energy Seeks Growth Following EBITDAX Loss

Sterling Energy has pledged to seek growth and build a “diverse exploration portfolio”, following a loss of $2.11 million at the adjusted EBITDAX level in the third quarter of 2015.

The loss marked a significant drop from the profit of $1.20 million, recorded during the same period last year. Sterling’s revenue of $1.41 million for 3Q 2015 was also lower than 3Q 2014, when the energy company posted revenues of $4.18 million.

Commenting on the company’s growth plans, a Sterling Energy statement in the company’s 3Q results said:

“Significant effort is being directed towards an active growth mandate, with a clear view to building a diverse exploration portfolio to allow for greater exposure to value accretion triggers in the near to midterm. The company and group will continue to maintain a disciplined approach to new venture activities, only pursuing and executing those growth options that the company believes to have the best opportunity to ultimately deliver value for shareholders.”

Sterling’s share of production from the Chinguetti field in Mauritania averaged 303 barrels of oil per day, down from 463 bopd in 3Q 2014. The reduction in production is consistent with the Chinguetti field decline curve, according to Sterling, which stated that the depressed oil price continues to have “an onerous impact” on the Chinguetti project. Formative discussions to achieve an agreed and effective field decommissioning strategy and plan for Chinguetti are ongoing.

In addition to Mauritania, Sterling Energy is currently conducting upstream activity in regions such as the Odewayne Block located onshore Republic of Somaliland, the Ambilobe block in Madagascar and the Ntem Concession in Cameroon.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  What Should Go On Your Electrical Engi... (Jul 25)
 -  AECOM to Lead Permitting for Monkey Is... (Jul 25)
 -  LyondellBasell Plans Its Largest Inves... (Jul 21)
 -  Preparing a Mechanical Engineering Res... (Jul 19)
 -  Tesoro Signs Deal with Pemex to Enter ... (Jul 19)


Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Sr Advising Engineer - Tech Development
Expertise: Business Development|IT - Software Development
Location: Houston, TX
 
Business Development Manager
Expertise: Business Development|Construction Manager|Marketing
Location: Salt Lake City, UT
 
Project Manager II
Expertise: Estimating|Project Controls|Project Management
Location: Hayward, CA
 
search for more jobs

Brent Crude Oil : $50.2/BBL 3.29%
Light Crude Oil : $47.89/BBL 3.34%
Natural Gas : $2.94/MMBtu 1.37%
Updated in last 24 hours