Serinus back in black in 2021
Serinus Energy returned to profit in 2021 on the back of soaring oil and gas prices, the London-listed company reported on March 21.
Production at Serinus' fields in Romania and Tunisia fell to 1,649 barrels of oil equivalent/day last year from 2,340 boe/d in 2020. But the company gained from a rise in its realised gas price to $11.25/'000 ft3, from $4.38/'000 ft3 in the previous year, as well as an increase in its oil price to $65.2/barrel from $35.6.
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Serinus generated $8.4mn in net income during the year, in a reversal from a $9.3mn loss in 2020. Its EBITDA climbed to $12.3mn from $6.6mn, on the back of an increase in revenue to $40mn from $24mn.
"While COVID-related disruptions continued to impact us in all our locations, particularly with respect to global logistics and the supply chain, the company successfully drilled two wells in Romania," Serinus said.
The company brought on stream the Moftinu-1008 development well in Romania in March 2021. It also completed the Sancrai-1 exploration well in the country last year, which discovered gas but could not flow it to the surface.