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.
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