LONDON (Alliance News) - Northcote Energy Ltd on Thursday reported a narrowed pretax loss in 2015, but revenue fell on low oil prices.
The oil and gas company said its pretax loss in 2015 narrowed to USD6.2 million from USD9.8 million in 2014, although revenue fell to USD841,000 from USD1.4 million.
Its pretax loss was narrowed due to lower administration expenses and property impairments, but revenue was hit by declining oil prices.
"In 2016 we are focused on implementing the infrastructure and adding additional revenue by exploiting the full potential of Shoats Creek even as we continue making progress toward initiating
commercial operations at Mayan Drilling Fluids in Mexico," Managing Director Randall Connally said in a statement.
Shares in Northcote closed down 5.2% at 0.0275 pence on Thursday.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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