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Sterling Energy books annual loss; eyeing acquisition opportunities

By BFN News | 09:32 AM | Wednesday 15 April, 2020

Oil company Sterling Energy booked a full-year loss as it continued to assist in the development of an exploration prospect in Somaliland. Pre-tax losses for the year through December amounted to $1.60m, compared to losses of $1.96m on-year. Cash resources at 31 December were $44.9m and the company remained debt free. 'Sterling has not experienced any significant disruption to its operations and continues to be fully functional, however government lockdowns across the globe will undoubtably have an effect on our counterparties and progress on potential investments,' the company said. 'The company continues to monitor the situation in Somaliland.' Sterling said it continued 'to be fully set' to evaluate M&A opportunities that continued to arise in 2020. At 9:32am: (LON:SEY) Sterling Energy PLC share price was +0.76p at 8.68p Story provided by

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