Growing business and profit for Prospecţiuni

Prospecţiuni Bucharest, a company controlled by businessman Ovidiu Tender, reported for the first nine months of the year a turnover of 187.3 million lei, 54% more than in the same period last year, and a net profit of 25.3 million lei, well above the 9.5 million lei from January-September 2022, according to a company report published yesterday on the website of the Bucharest Stock Exchange (BVB).

"The increase in turnover was generated by the improvement of the geophysical data acquisition activity, as work was carried out in the framework of three large 3D projects (two already completed and one in progress). In the first nine months of the year, the activity of acquiring geodetic data was carried out without interruption", the report states.

The company's operating expenses amounted to 156.9 million lei, 41% more than in the first nine months of last year, while the operating result was almost 31.7 million lei, up 180 %. "Against the background of oil and gas price maintenance at a high level and especially of the energy independence strategy, the short- and medium-term perspective foresees an intensification of investments by companies in the upream market (n.r. exploration and production). Also, to increase financial stability and ensure an upward trend in activity, we are actively looking to expand our services to international markets," the report also states.

According to the company, for the downhole geophysical investigation and drilling division, Prospecting activity saw a 5% increase. "Based on the existing contracts, which are already underway, as well as the requests from the market, we estimate for the following periods at least a maintenance of the current volume of works", the document also mentions.

In the spring of last year, Prosprcţiuni Bucureşti emerged from insolvency.

At mid-year, Ovidiu Tender owned 56% of the company, while SIF Muntenia owned 12% of the provider of geological and geophysical prospecting services.