Serinus Energy PLC on Monday said a Romanian asset impairment hurt its 2023 results.
Shares in Serinus dropped 10% to 2.20 pence each in London on Monday afternoon.
The Romania and Tunisia-focused oil and gas exploration, appraisal and development company reported that it swung to a pretax net loss of $11.4 million in 2023 from a net income of $4.8 million the year prior, due to an impairment expense of $7.0 million from its Romanian assets relating to the depletion of the Moftinu gas field.
The firm also saw its annual revenue plunge by 64% to $17.9 million in 2023 from $49.3 million the year before.
Earnings before interest, tax, depreciation and amortisation fell by 83% to $2.1 million $12.7 million in 2022.
Looking ahead, Serinus said it will focus on developing its Tunisian operations and enhancing production.
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