20th Aug 2014 08:11
LONDON (Alliance News) - Max Petroleum PLC Wednesday posted higher revenue in its last financial year, boosted by an increase in production, but said its net loss for the year widened as a result of some big impairments and restructuring costs.
The Kazakhstan-focused oil and gas company reported a net loss of USD76.8 million for the financial year ended March 31, compared with a USD10.1 million loss the year before, as the company booked USD64.6 million in impairment losses relating to its post-salt exploration portfolio and USD3.8 million in restructuring costs associated with its cost-reduction measures.
Revenue in the year rose 8% to USD100.4 million, up from USD93.3 million the prior year, boosted by a 17% increase in average daily production to 3,899 barrels of oil per day. Total sales volumes rose 11% to 1,370 million barrels of oil.
All of the company's revenue from external customers is derived from the sale of crude oil from its operations in the Kazakhstan. It said that while export sales increased, domestic sales fell.
Max Petroleum shares were up 4.4% at 1.43 pence Wednesday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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