President Energy sees FY turnover fall amid oil price slump

President said the drop in turnover to $28.0m was primarily a result of average oil price realisations crashing 33% to $37.0 per barrel.

On the other hand, average net group production was up 12% year-on-year to over 2,700 barrels of oil per day, while December average net group production of circa 3,300 barrels per day was said to have demonstrated the early impact of new wells drilled late in the fourth quarter.

The AIM-listed group expects to report full-year adjusted underlying earnings of approximately $3.0m.

Chairman Peter Levine said: "We successfully controlled what we could and the key performance metrics bear witness to this.

"The energy landscape has changed even faster and more dramatically than anticipated. President, as an energy company focused on long term goals, embraces this. Any action has to be considered carefully, seriously and be planned with the ultimate objective of delivery for the Group in key relevant areas. It takes time."

As of 1050 GMT, President shares had tumbled 13.22% to 2.10p.