Serinus Energy Reports 2024 Performance: A Year of Preparation and Strategic Growth in Tunisia
In a detailed annual report released on Monday, Serinus Energy PLC highlighted a year of stable production and consistent commodity prices amid a complex energy landscape. Focused on oil and gas exploration and development in Romania and Tunisia, the company reported a pretax loss of USD 8.6 million for 2024—an improvement from the USD 11.4 million loss recorded in 2023. This positive trajectory demonstrates the company’s resilience and strategic focus.
Despite a 14% decrease in revenue—falling from USD 17.9 million in 2023 to USD 15.4 million in 2024—CEO Jeffrey Auld expressed optimism, stating that the figures reflected stable production dynamics during a challenging year. The total production for Serinus averaged 555 barrels of oil equivalent per day (boe/d), a slight decline from the previous year’s 642 boe/d.
On the administrative side, Serinus demonstrated effective cost management, reducing total expenses by 26%, down to USD 3.6 million from USD 4.9 million. However, it is noteworthy that production expenses saw a minor increase of 1.5%, rising to USD 8.1 million. Auld revealed that the company managed to generate a cash flow of USD 865,000 from operating activities, albeit a 55% decrease compared to the previous year’s 1.9 million. Furthermore, capital expenditures were significantly reduced to USD 1.1 million—an 80% drop from USD 5.5 million.
Chairman Lukasz Redziniak emphasized that 2024 was a crucial year of preparation for future growth, specifically for the upcoming drilling operations slated for 2025. “I am pleased to say that the team has been diligent in their efforts and all long-lead items are in Tunisia ready to begin operations in 2025,” Redziniak remarked.
Looking ahead, Auld expressed eagerness about the planned side-track operations at the Sabria W-1 well, with third-party estimates predicting an additional production capacity exceeding 400 boe/d from the new pump’s introduction. This bold step signifies Serinus’s commitment to enhancing its production capabilities in Tunisia, a region ripe with potential in the energy sector.
As of Monday afternoon, shares in Serinus experienced a minor dip of 5.5%, trading at 2.51 pence in London. Nevertheless, the broader strategy appears poised for positive engagement and development as the company looks toward 2025.
For those interested in the ongoing developments in Tunisia’s oil and gas sector or the implications of these trends for the wider African energy landscape, this story is certainly one to watch. Stay tuned as we keep you updated on Serinus Energy’s future endeavors and milestones.
Tags: #Tunisia #BusinessNews #WorldNews #EnergySector
