Sterling Energy posts Q3 loss; involved in talks on new transactions

AIM-listed Sterling Energy said it had posted a third quarter loss before interest, tax, depreciation and exploration expense of $0.9m compared with a $2.1m loss a year earlier.

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Revenue was slightly higher at $1.5m compared with $1.4m in 2015.

Production, net to the company (including royalty barrels) from the Chinguetti field located off the coast of Mauretania, averaged 351 barrels of oil per day, up year-on-year from 303 barrels a day.

Sterling said it had been “actively involved and at advanced stages in a number of potential transactions, this is despite depressed deal volumes across the industry”.

“The company remains confident that it can identify and source the right projects to drive growth and shareholder value. “

Sterling added that it was looking to replace the three non-executive directors, including the chairman, who resigned in October, citing strategic differences on the future direction of the company.