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(Alliance News) - Zenith Energy Ltd said Friday its interim loss narrowed on lower administrative costs despite lower revenue in the period.
For the six months to the end of September, the Azerbaijan-focused oil & gas firm reported a pretax loss of CAD2.0 million, around GBP1.2 million, narrowed from CAD3.3 million the year before.
This was due to a drop in administrative expenses by 44% to CAD2.5 million from CAD4.5 million, however revenue dropped by 34% to CAD2.7 million from CAD4.1 million.
This was mainly due to a 38% drop in revenue from Zenith Energy's operations in Azerbaijan to CAD2.3 million from CAD3.7 million.
Operationally, Zenith Energy produced 40,396 barrels of oil from its Azerbaijan assets, down 11% from 45,523 barrels the same period the prior year.
The company sold 5,499 million cubic feet of natural gas from its Italian assets in the first half, up 38% compared to 3,978 mcf the year before.
Finally, Zenith sold 5,448 megawatt hours of electricity from its Italian assets in the six-month period, up 19% compared to 4,566 megawatt hours the year before.
"The board is committed to sustained growth and exploiting any value accretive opportunities that may present themselves. We continue to evaluate the acquisition of additional energy production opportunities in major oil producing countries, building on the momentum of our recent progress to further support the group’s expansion," said Chief Executive Andrea Cattaneo.
Shares in Zenith Energy - which is headquartered in Calgary, Canada - were down 0.5% at 2.44 pence on Friday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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