Pearl Energy posts Q2 profit<\/p>\n
SINGAPORE: Pearl Energy Ltd., one of the two publicly traded
\noil and gas explorers in Singapore, said it posted a second-
\nquarter profit from a loss a year ago, aided by production at oil
\nfields in Indonesia and the Gulf of Thailand.<\/p>\n
Profit was US$407,000 for the three months ended June 30,
\ncompared with a loss of $1.2 million a year earlier. Revenue
\nafter royalties rose 87 percent to $18.9 million.<\/p>\n
The company expects oil exploration and development in
\nSoutheast Asia to increase because of higher oil prices. Crude
\noil traded near a record $66.05 a barrel on Friday and gasoline
\nand heating oil set all-time highs after a fire at a Sunoco Inc.
\npipeline heightened concern that U.S. refineries may struggle to
\nmeet second-half fuel demand.<\/p>\n
\"Higher oil prices have spurred exploration and development
\nactivity in the Southeast Asia region and set a more competitive
\nenvironment in the sale and purchase of oil and gas assets,\" the
\ncompany said in a statement to the Singapore exchange.<\/p>\n
The stock has almost tripled since it started trading in
\nApril, compared with an 11 percent gain in the Singapore
\nbenchmark Straits Times Index. -- Bloomberg<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/pearl-energy-posts-q2-profit-1447893297",
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