Sterling Energy Mauritania output falls but makes Q3 profit

24th Oct 2013 07:52

African oil and gas explorer Sterling Energy announced lower third quarter production from its Chinguetti field in Mauritania but said it had still swung into profit for the period. Production net to the group from Chinguetti averaged 527 barrels of oil per day against 569 a year ago.It said the lower production was consistent with normal production decline in addition to an unplanned three day interruption in September. Profit after tax rose to $2.7m against a $700,000 loss last time.Chairman and Interim Chief Executive Alastair Beardsall said the group was making progress in planning the drilling of exploration wells in three large and significant exploration blocks off the coast of Cameroon and Madagascar."Sterling remains committed to add new opportunities to our existing portfolio that will deliver real growth potential," he added.PW