8th Mar 2023 15:52
(Alliance News) - 88 Energy Limited said on Wednesday that it had suffered a significant loss in 2022 due to a one-off expense.
The oil and gas exploration company said that it had an increased loss of AUD70.7 million, around GBP39.5 million, in 2022 from AUD2.4 million the year prior. This is attributed to impairment expense worth around AUD68.6 million.
Non-Executive Chair Philip Byrne said uncertainty caused by the Covid-19 pandemic and geopolitical instability in Ukraine had also caused disruptions to the European energy trade, adding that "global attitudes and changing market sentiment in relation to the clean energy transition and decarbonisation initiatives have led to volatility in the oil and gas market".
Looking ahead, the chair said that uncertainty in the oil and gas industry has resulted in "ongoing tightness in investment". Nevertheless, the company will continue to focus on its Project Phoenix and remains hopeful that hydrocarbons will have a significant role in global energy demand for the foreseeable future.
Shares in the company were down by 3.1% at 0.68 pence.
By Sabrina Penty; Alliance News reporter
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