StockMarketWire.com - Amerisur Resources, oil and gas producer and explorer, swung to a first-half pre-tax profit as rising oil prices and increased production bolstered revenues.

For the six months to 30 June, the company reported a profit before tax of £12.52m, compared with a loss of £1.56m a year earlier, while revenue rose 93% to £67.9bn.

The strong performance was attributed to both higher production levels and average oil prices.

Average daily production rose 33.2% to 5,959 barrels a day in the first half of the year, compared to same period a year ago. Average realised sales prices for the half year period were up by 36% to $64.2 per barrel, compared to $47.2 in first half of 2017.

'The first half of 2018 has been a period of significant revenue growth for Amerisur, with our low-cost production and excellent netbacks delivering strong cash generation and profitability,' said Giles Clarke, Chairman of Amerisur.

'We have now spudded the Pintadillo-1 well in the Platanillo block, the first of three fully-funded wells targeting the N Sand A anomaly, estimated to hold P50 resources of 11.44 MMBO.'

'For the remainder of the year and into 2019, we remain focused on growing production levels from existing reserves and executing our drilling plan, which is targeting resources of 131.53 MMBO net.'


At 9:30am: [LON:AMER] Amerisur Resources PLC share price was +0.64p at 15.44p



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