26th Jun 2014 12:00
LONDON (Alliance News) - Jubilant Energy NV Thursday said its pretax loss was flat in its full-year as reduced revenues from lower oil and natural gas production was offset by lower costs and expenses.
The oil and gas exploration and development company, with operations in India and Myanmar, said its pretax loss was flat at USD3.4 million for the twelve months to March 31.
The company said its oil and gas revenues fell 11% to USD15.8 million from USD17.8 million as its net sales volumes fell to 160,652 barrels from 174,828 barrels at the Kharsang field in India.
Production from the field increased significantly in the first-half of the year after it an extension drilling programme took place, but technical problems led to a drop in production during the second-half.
However, Jubilant managed to reduce its personnel costs, along with certain expenses, offsetting the loss in revenues during the period.
The company noted that the operator of the Kharsang field, GeoEnpro Petroleum Ltd has started a range of pilot projects designed to overcome technical problems at the site.
Jubilant Energy shares were up 3.2% to 8.00 pence on Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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