LONDON (Alliance News) - Exillon Energy PLC said Friday that its interim profit dipped slightly despite reporting an increase in revenue.
For the six months to June 30, the oil producer posted pretax profit of USD25.2 million compared to USD25.8 million a year prior, on the back of higher foreign exchange losses at USD10.8 million, versus USD3.3 million incurred a year ago.
Meanwhile, revenue increased to USD76.8 million from USD64.4 million.
Oil production for the six-month period decreased by 16% to 1.68 million barrels from 2.01 million.
"The decrease in our production is reflecting natural production decline curve due to the natural field depletion, this did not result in any impairment of oil and gas properties," the company said.
Shares in Exillon closed flat at 70.00 pence each on Monday.