13th Nov 2015 09:26
LONDON (Alliance News) - Caza Oil & Gas Inc Friday reported a widened net loss for the first nine months of 2015, as revenue was hit by lower commodity prices and reduced production volumes as it opted to cut back on capital expenditure.
For the nine months to end-September the company reported a net less of USD22.4 million, more than doubled from USD10.0 million a year before, as revenue fell to USD8.3 million from USD18.1 million, compounded by a USD17.5 million development and producing impairment.
Revenue from oil and natural gas sales fell 72% to USD2.0 million from USD7.2 million a year before, and down 32% from USD2.9 million in the previous quarter.
The average oil price received by Caza fell 52% to USD39.79 per barrel in the quarter, compared to USD83.04 per barrel the year before, and down 21% compared to USD50.36 per barrel in the previous quarter.
Natural gas production fell 6% to 50.0 million cubic feet, down from 140.4 million cubic feet in the previous year. The average natural gas price per 1,000 cubic feet fell to USD3.04, compared to USD3.62 in the previous year, however this was up from USD2.99 in the previous quarter.
Shares in Caza were down 23% at 0.310 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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