11th Feb 2015 08:12
LONDON (Alliance News) - Oilex Ltd Wednesday reported a wider pretax loss during the first half of the year after an increase in revenue was offset by higher costs.
For the first-half ended December 31, the company reported a USD3.1 million loss, wider than the USD2.8 million loss reported in the first half of 2013. The wider loss was caused by a slight increase in costs and reduced income.
Revenue for the year totalled USD232,992, more than double from USD121,927 reported in 2013 due to increased production from the company's flagship Cambay field in India.
But the increase in revenue was offset by share based payments increasing to USD407,152 from USD289,549 and other income falling to USD6,573 from USD336,514 in the first half of 2013, reflecting the government grant the company was awarded in 2013 which was not repeated in 2014.
Since the end of the first half, Oilex said it has secured approval from the government of India for its application to extend the Petroleum Mining Lease for the Cambay field until September 22, 2019. The company has also received a receipt of endorsement from the relevant authorities for the sale of gas from the field, especially from the Cambay 77-H well, it said in a statement.
Oilex shares were down 4.9% to 1.78 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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