LONDON (Alliance News) - Jupiter Energy Ltd on Tuesday posted a wider interim pretax loss driven by a lack of production and, therefore, revenue as the company retrenched in the tough oil and gas sector environment.
Jupiter said its pretax loss for the six months to the end of December was AUD7.7 million, compared to AUD5.5 million a year earlier. Costs remained broadly flat but the group made not revenue in the first half, having made AUD3.6 million a year earlier.
Production fell to zero in the half, from 100,658 barrels a year earlier, as the collapse in the oil price and tough funding environment for smaller oil and gas companies meant the company was unable to continue developing its Block 31 licence in Kazakhstan. The group intends to continue drilling once the funding environment improves.
Jupiter shares were untraded on Tuesday, having last traded at 9.50 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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