LONDON (Thomson Financial) - Sterling Energy Plc, the AIM-listed oil and gas
group, reported significantly reduced losses in 2007 as oil prices and
production surged.
Pretax loss in the year narrowed to $2.9 million from $46.7 million
previously, while revenue grew to $97.2 million from $81.0 million. Production
jumped 31 percent to 5,760 barrels of oil equivalent in 2007, ramping up further
to 5,824 boepd in the first quarter of 2008.
The group's proved and probable reserves rose by 65 percent to 21.3 million
barrels of oil equivalent at end-2007 following the $145 million acquisition of
Whittier Energy Corp.
Sterling said it is progressing with plans to sell the U.S. business.
"We expect the sale of the US business to complete by the year end,
transforming the balance sheet from net debt to significant net cash, enabling
us to fully participate in the planned 2009 drilling campaign. It is going to be
an exciting year for our shareholders," said chief executive Graeme Thomson.
Sterling has bank debt of $153.3 million and credit facility of $158
million.
monicca.egoy@thomsonreuters.com
mbe
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