13th Mar 2014 12:28
LONDON (Alliance News) - Jupiter Energy PLC Thursday said its pretax loss narrowed in the first half of the financial year, as revenues rose, driven by a further substantial increase in its oil production.
The oil exploration and production company with operations in Kazakhstan said its pretax loss narrowed to AUD2.5 million for the six months ended December 31, from AUD2.8 million the previous year, as revenues increased 55% to AUD3.4 million from AUD2.2 million in 2012.
Its production for the period was roughly 112,000 barrels of oil, 45% higher than 77,000 barrels of oil production in the same period during 2012, and up more than nine-fold from the 12,000 barrels it produced in the first half of fiscal 2011.
Jupiter energy also booked a AUD467,023 gain on its derivative financial instruments in the latest period, compared with a AUD221,223 loss a year earlier, whole its general and administrative costs fell to AUD2.3 million, from AUD2.5 million.
In January, Jupiter got emissions permits for four wells and all are now approved to produce in 2014.
Jupiter Energy shares were down 1.9% to 21.20 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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