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(Alliance News) - Rockhopper Exploration PLC on Tuesday reported a double-digit drop in yearly revenue as gas prices interfered with production.
The Salisbury, England-based oil & gas exploration and production company said revenue in 2022 fell by 22% to USD652,000 from USD839,000 a year prior, driven by a reduction in production offset by increased realised gas prices.
Pretax loss narrowed in 2022 to USD3.2 million from USD7.9 million a year before, as cash operating costs fell to USD900,000 from USD1.1 million the year before, but Rockhopper noted this depletion reflected the reduced production during the year.
The company did not declare a dividend for the year, unchanged from a year prior.
Looking ahead, Rockhopper plans to phase in a new board led by a new chair to focus on the approval of its Sea Lion development in the Falkland Islands. It hopes to appoint a new chair by the final quarter of 2023.
Chair Keith Lough said: "Sea Lion has the potential to play an important role not only in securing the financial future and thereby political independence of the Falklands against continued Argentine economic aggression, but also providing the UK with a secure and responsibly produced source of energy."
Shares in Rockhopper were down 1.1% at 14.20 pence each in London on Tuesday afternoon.
By Sabrina Penty, Alliance News reporter
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