27th Sep 2013 10:41
LONDON (Alliance News) - Urals Energy PLC Friday said its pretax losses widened marginally as administrative expenses offset a slight increase in sales.
The oil production company operating in Russia said its pretax losses widened to USD2.3 million from USD2.1 million for the six months ended June 30.
The company said sales were up 3.3% to USD15.8 million from USD15.4 million and its cost of sales fell 10% on the successful implementation of a cost-reduction programme.
Production levels were largely flat across the company as its Arctineft site reached 125,651 barrels of oil in the half compared to 128,249 barrels a year before, and its Petrosakh site reached 240,533 barrels compared to 233,484 barrels the previous year.
Urals Energy said current daily production at Arcticneft is 702 barrel of oil, slightly higher than an average of 694 barrels for the six months ended 30 June 2013. Current daily level of production at Petrosakh is 1,315 barrels, slightly down from an average of 1,330 barrels in the reported half.
Urals Energy also said its administrative expenses increased 9.3% to USD3.9 million from USD3.6 million during the period.
The company also recorded its first positive net working capital since 2006, standing at USD700,000 on June 30 versus a negative USD1.0 million a year before.
Urals Energy shares were quoted at 7.32 pence per share Friday, up 0.20p or 2.8%.
By Tom McIvor; [email protected]; @TomMcIvor
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