Q2 - april-
- Revenue amounted to
SEK 5,683 thousand (8,247). -
Operating loss amounted to
SEK -8,461 thousand (24). -
Net financial items amounted to
SEK 5,925 thousand (19,676). -
Unrealised changes in property values amounted to
SEK -5,891 thousand (-2,529). -
Result before tax amounted to
SEK -8,426 thousand (17,171), and result after tax amounted toSEK -8,669 thousand (13,730), corresponding toSEK -0.02 (0.03) per share.
H1 - january-
- Revenue amounted to
SEK 10,562 thousand (17,355). -
Operating loss amounted to
SEK -11,770 thousand (-5,826). -
Net financial items amounted to
SEK 1,142 thousand (49,261). -
Unrealised changes in property values amounted to
SEK -17,330 thousand (-8,715). -
Profit before tax amounted to
SEK -27,958 thousand (34,720), and profit after tax amounted toSEK -25,412 thousand (25,033), corresponding toSEK -0.05 (0.05) per share.
KEY EVENTS during reporting period January-
Michail Shatkus started as the Company's CFO on 1 January. Shatkus has been acting CFO since Jenny Björk left the Company inJune 2020 .-
On 13 April,
Crown Energy announced that payments had been received that exceed one-third of the contracted sale price for theC-View Smart Business Park inLuanda, Angola . According to the contract, the Angolan state via the Ministry of Finance is entitled to access the economic rights after achieving this milestone. -
On 15 April, the Company announced that it is relinquishing its entire five per cent working interest in the Block P licence in
Equatorial Guinea . The Board has determined that the economic outlook for the project does not meetCrown Energy's expectations for potential returns compared to the estimated risk. This has resulted in a write-down ofSEK 5,192 thousand . -
On 19 April, the Company announced that a memorandum of understanding had been signed with
Wildcat Petroleum Plc , an oil company listed on theLondon Stock Exchange (LSE: WCAT) that develops block chain technology and cryptocurrency for financing oil and gas projects. -
On 20 April, the Company announced that its partner
Africa Energy Corp had received official approval to conclude its two farm-out agreements for Block 2B inSouth Africa . This means that the new licence partners areAzinam Limited andPanoro Energy ASA , whereAzinam Limited will also take over operatorship fromAfrica Energy . -
On 7 June, the Company announced that
Andreas Forssell had informed Board of Directors that he wishes to leave his role as CEO.
CEO statement
Dear shareholders and investors,
This will be one of the last interim reports that I will be publishing as CEO of
ASSET DEVELOPMENT AND MANAGEMENT
During the first half-year 2021, net sales revenue, mainly due to the long-term weakening of the Angolan currency, decreased by 39 percent compared to the same period last year, which is a slight improvement from first quarter this year still. On the positive side is that property costs for the reporting period decreased by 40 percent and amounted to
The buyer of the C-View property, the
ENERGY
The oil price has continued to hover around the
As for
New business remains the Company's most important objective. However, with the ongoing COVID-19 pandemic, this is still taking longer than we hoped. For this reason, management and the board of directors continue to focus on reducing costs, both in ongoing operative business and in overhead.
CEO,
This disclosure contains information that
FOR MORE INFORMATION
Please contact
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+46 760 15 15 95
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https://news.cision.com/crown-energy/r/cown-energy-ab--half-year-report-january-june-2021,c3400066
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