Serinus Energy, an oil and gas company operating in Romania and Tunisia, experienced a significant drop in shares by 16% following their report of a net loss for the first half year. This decline was primarily due to lower production and reduced oil prices.
For the half year ending June 30, Serinus Energy reported a net loss of $2.96 million, in contrast to a profit of $1.8 million during the same period the previous year. This substantial decrease was accompanied by a decline in revenue from $29.3 million to $8.9 million.
Total production during this period decreased from 1,006 barrels of oil equivalent per day to 677 barrels per day. Specifically, Tunisia contributed 533 barrels per day, compared to the previous period’s 521 barrels, while Romania produced 144 barrels per day, down from 485 barrels.
Impact of Oil Prices
The average price per barrel of oil equivalent also suffered a significant drop, declining from $154.83 to $74.93.
Due to these unfavorable results, Serinus Energy’s shares were down 0.60 pence at 3.10 pence as of 0938 GMT.