PetroEnergy Records 27% Earnings Growth

Nov 26, 2018

PetroEnergy Resources Corporation (PERC) reported a Consolidated Net Income as of September 30, 2018 amounting to US$9.77MM, a 27% increase from US$7.71MM for the same period in 2017.

This robust performance for the first nine months of 2018 is due to additional revenues from its 12MW Maibarara-2 geothermal plant, a 52% increase in net income of its 36MW Nabas wind plant due to strong winds in the 3rd quarter, and a 30% increase in crude oil revenues due to continuing rise in global crude oil prices.

In September 2018, PERC and its partners in the Etame offshore oil blocks secured a 10-year extension with the Gabon government for the consortium’s production sharing contract. This ensures continuing production from the three oil fields in the block till 2028, with two additional five-year extension options.

PERC through its RE renewable energy holding firm, PetroGreen Energy Corporation (PGEC), is a partner in operating firms Maibarara Geothermal, Inc. (MGI), PetroWind Energy Inc. (PWEI), and PetroSolar Corporation (PSC).

The net income attributed to the equity holders of PERC also increased by 40% compared to same period last year.