LONDON (Alliance News) - Hardy Oil and Gas PLC Thursday said its pretax loss narrowed significantly in the fifteen months ended March 31 from the twelve months ended December 31, 2012, as production costs and administrative expenses fell.
The India-focused exploration and development oil and gas company, which recently changed its financial year, posted a pretax loss of USD5.4 million in the recent period from USD12.7 million in the previous one. It does not yet earn any revenue.
Hardy Oil said it achieved a production gain of USD486,095, compared with a production cost of USD277,100, as the company booked returns from over-payments in prior years.
It also said that the 2012 figures were hit by a USD5.4 million cost for unsuccessful exploration, and it reduced its administrative expenses to USD6.2 million from USD7.5 million the previous year.
Hardy Oil said it has no debt, and its cash and short-term investments at March 31 amounted to USD24.7 million.
The company said it is well funded to meet its planned work programmes, and its primary objective is to move its assets towards production, along with restarting D3 exploration drilling by the end of 2014.
Hardy Oil shares were down 6.7% to 97.50 pence on Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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