13th Mar 2015 10:06
LONDON (Alliance News) - Jupiter Energy Ltd Friday said its pretax loss widened in the first half of the year on the back of a foreign exchange loss, impairments and lower production.
The oil exploration and production company focused on Kazakhstan reported a pretax loss of AUD5.5 million for the six months ended December 31, wider than the AUD2.5 million loss reported a year earlier.
The wider loss was caused by a foreign currency exchange loss of AUD2.8 million and an impairment totalling AUD743,311 attributable to exploration. In 2013, it recorded no impairments or any foreign exchange loss or gain.
Revenue grew slightly during the period to AUD3.6 million from AUD3.4 million, combined with reduced cost of sales, which eased to AUD2.4 million from AUD2.6 million.
Administrative costs also fell in the first half to AUD1.8 million from AUD2.3 million.
Production for the period declined by 10% to 100,000 barrels of oil, compared to 112,000 barrels in the first half of 2013. Despite production falling, the average price it achieved was slightly up to USD34 per barrel from USD33 per barrel a year earlier.
Jupiter shares were untraded on Friday, last trading at 15.00 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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