Oilex records $4.6m loss amid Covid, oil price crash

Thu, 1st Oct 2020

AIM-listed Australian oil company Oilex recorded a loss of $4.6 million in the 12 months to the end of June 2020, according to its unaudited annual report. The losses were driven by the impact of the Covid-19 pandemic and the collapse in the global oil price. Interim chairman Joe Salomon said Oilex's experiences were "in line" with the wider industry. Its plan to spin out its Cooper-Eromanga basin package was affected, as was its Cambay project in India. However, he highlighted new acquisitions and the resolutions of disputes as positive to the company's prospects. "At the same time funding was secured while our cost base was dramatically reduced," he added. At 9:01am: (LON:OEX) Oilex Ltd share price was -0.01p at 0.08p Story provided by StockMarketWire.com

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