Sterling Energy 1H Pretax Profit $0.1M Vs Loss $15.7M

23rd Jul 2010 07:34

LONDON (Dow Jones)--Sterling Energy PLC (SEY.LN), an oil and gas company with interests in the Middle East, and Africa, said Friday that it made pretax profit of $0.1 million for the half year ended June 30, compared with loss of $15.7 million MAIN FACTS: -Group turnover decreased 25% to $12.2 million versus $16.3 million -Cash flow from operations was $3.8 million versus cash outflow $5.4 million -Basic and diluted earnings per share 0.07 pence versus loss 60.62 pence -Cash as at June 30, of $113.3 million, no debt. -Average net Group production decreased by 34% to 681 barrels of oil per day or bopd -Sangaw North 1 exploration well in Kurdistan is at 2,395 meters and undergoing testing operations before drilling resumes to 3,660 meters. -Shares closed Thursday at 126.0 pence, valuing the company at GBP224.74 million. -By Razak Musah Baba, Dow Jones Newswires; 44-20-7842-9275; [email protected] (END) Dow Jones Newswires July 23, 2010 02:34 ET (06:34 GMT)