Serinus Energy revenue drops, net loss widens on lower oil prices

14th May 2025 14:02

(Alliance News) - Serinus Energy PLC on Wednesday reported decreased revenue and earnings before interest, tax, depreciation and amortisation in its first quarter.

The stock was trading 4.5% lower at 3.20 pence in London on Wednesday afternoon.

Serinus, a Romania and Tunisia-focused oil and gas explorer and developer, reported a USD894,000 net loss for the three months ended March 31. This was against its USD491,000 loss in the first quarter of the prior year.

The company also swung to a pretax loss of USD703,000 from a USD137,000 profit.

Ebitda, meanwhile, fell to USD47,000 from USD925,000.

Revenue for the period was USD3.2 million, down on-year from USD4.6 million. Serinus attributed this to declining production in Tunisia, and the average realised commodity price decreasing to USD75.28 per barrel of oil equivalent as of March 31, from USD80.24 one year prior.

Production in Tunisia totalled 427 boe/d, down from 586 boe/d, while Romanian production rose to 54 boe/d from 49 boe/d. Group production fell to 481 boe/d from 635 boe/d.

By Emma Curzon, Alliance News reporter

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