Serinus Energy on Monday said its annual revenue rose thanks to an increase in the average price of oil, despite a decline in production.

The Jersey-based oil company, which has operations in Romania and Tunisia, said its 2022 revenue rose to $49.3 million from $40.0 million in 2021. This is attributed to its average realised price increasing to $149.45 per barrel of oil equivalent from $82.64 per boe.

Meanwhile, its net profit before tax fell to $4.8 million, a 45% decrease from $8.8 million the year prior. A decline in production in Romania, as well as inflation, affected this, the company said.

The firm also saw an impairment expense of $1.9 million in relation to its Moftinu gas field and a $1.1 million loss on disposal of assets, compared to neither the prior year. It released $1.6 million in provisions during the year, compared to $6.6 million in 2021.

Serinus added a dividend has not been paid to date and does not anticipate paying dividends in the foreseeable future.

Looking ahead, Serinus said it will continue to advance the exploration and development of projects, with a focus on the active management of the production levels of the Moftinu gas fields in Romania and the implementation of an artificial lift programme in the Tunisian Sabria field. The company also said its cost control will ‘continue unabated’, despite inflation starting to ease.

Shares were 5.8% down at 7.30 pence in London on Monday morning.

Copyright 2023 Alliance News Ltd. All Rights Reserved.