Serinus Energy PLC on Monday reported it had swung to a pretax loss in the first half of 2023 amid a dip in production and lower average realised oil equivalent prices.

Shares in the oil and gas exploration, appraisal and development company, which has operations in Romania and Tunisia, were down 13% at 3.22 pence on Monday morning in London.

The company swung to a net loss before tax of $2.7 million in the first half of 2023 from net income of $4.3 million the year prior. Revenue fell 70% to $8.9 million from $29.3 million.

Production in the period totalled 677 barrels of oil equivalent per day, down 33% from 1,006 barrels the previous year.

The decrease primarily related to a fall in production in Romania, where it fell to 144 boe per day from 485 the year prior.

Serinus’s average realised price per boe also dropped during the six-month period, falling 52% to $74.93 from $154.83 the year prior.

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