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Eland Oil & Gas profit falls 13% as expenses offset jump in revenue

By BFN News | 02:39 PM | Wednesday 11 September, 2019

Eland Oil & Gas posted a 13% fall in first-half profit after rising revenue was offset by higher sales and financing costs. The company declared a maiden interim dividend of 1p per share. Pre-tax profit for the six months through June fell to $32.2m, down from $36.5m on-year. Revenue rose to a record $106.0m, up from $67.4m, owing to higher production that helped counter a lower average oil price. 'The diversification of production from our second oil field, Gbetiokun, represents a significant moment for the company as we generate material production and operational cash-flow,' chief executive George Maxwell said. 'In the second half, we are excited to drill the high-impact, 78m barrel, near-field Amobe prospect.' 'The Amobe prospect represents the first pure exploration well in the company's history and the first on OML40 since 1991.' 'We look forward to updating all stakeholders on these developments in the remainder of the year.' At 2:39pm: (LON:ELA) Eland Oil Gas PLC share price was +4.1p at 129.1p Story provided by

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