30th Sep 2021 10:03
(Alliance News) - Indus Gas Ltd on Thursday said its performance deteriorated in its most recently ended financial year, with the pandemic causing severe disruption to its operations.
Indus Gas is an oil and gas explorer and developer with assets in India. The company said revenue for the financial year that ended on March 31 declined to USD48.5 million from the USD58.0 million posted for financial 2020. Pretax profit fell to USD44.1 million from USD53.1 million year-on-year.
Indus Gas owns a 90% interest in block RJ-ON/6 in Rajasthan, India. Other partners in the block are Focus Energy Ltd, which is the operater, and Oil & Natural Gas Corp India, which is the licensee of the block.
Indus Gas said the partners have received approvals on the integrated field development plan for the SGL, SSG & SSF fields of the block. The current drilling campaign is progressing on schedule and producing positive results, Indus Gas noted.
Going forward, the company said, during the next twelve months, it expects to be able to achieve higher revenue and deliver further progress on the commercialisation of its gas reserves.
Indus Gas shares were trading 0.2% higher in London on Thursday at 229.40 pence each.
By Evelina Grecenko; [email protected]
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