- Oil and gas producer Amerisur Resources said it expected to reach or exceed its oil production guidance despite reporting profit more than halved in the first half of the year on lower revenues amid a decline in production and oil prices.

‘Following steady production growth in the year-to-date, we anticipate reaching or exceeding the top end of our production guidance of 5,000 to 6,000 barrels of oil per day,’ the company said. The bullish update arrived as the company reported a decline in revenue and profit.

For the six months ended 30 June 2019, pre-tax profit fell to $4.4m from $12.5m and revenues declined to $53.8m from $67.9m a year earlier.

First-half average production fell to 5,552 barrels of oil per day, down from 5,959 bopd, with an average realised price per barrel of $58.8 a barrel down from $64.2 a barrel.

For the remainder of the year, we remain focused on building production to the top end of guidance, appraising the Indico field and progressing the competitive FSP in order to maximise value for all shareholders."

At 8:30am: [LON:AMER] Amerisur Resources PLC share price was 0p at 17.4p

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