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Energean Oil & Gas reports H1 loss despite higher revenue

London-based Energean Oil & Gas PLC on Sept. 12 reported a first-half loss of $4.5 million, down from the profit of $87.4 million posted during the first half of 2018.

The independent oil and gas producer's revenue for the half came in at $40 million compared to $26.3 million during the corresponding period a year ago.

The company's operating profit for the half stood at $3.9 million, dropping from $10.2 million during the first half of 2018.

Energean's average daily working interest production was pegged at 3,920 barrels of oil equivalent per day in the first half, increasing from the 3,801 boe/d reported a year ago. Realized prices saw a scant rise to $58.30 per barrel of oil equivalent, up from $57.70/boe during the same period in 2018.

The company lowered its full-year production guidance to a midpoint of 3,500 barrels of oil per day, down from 4,550 bbl/d. Energean also reduced its development and production capital guidance for the year by $40 million owing to a revised investment program in Greece.

The company said it expects to complete its previously announced $750 million acquisition of Italian energy group Edison SpA's oil and gas unit Edison Exploration & Production SpA in the fourth quarter.