LONDON (Alliance News) - Cabot Energy PLC on Monday reported a steep rise in revenue but a swing to a loss for the recent interim period, as crude oil sales surged.
For the six months to June 30, Cabot's revenue was USD7.5 million, up from USD1.8 million a year prior.
Oil sales were 139,632 barrels compared to 42,450 barrels a year prior, and average output was 767 barrels of oil a day. Cabot is guiding for production for the rest of the year to average 711 barrels of oil a day.
Its pretax loss was USD4.3 million, from a USD320,000 profit, as it booked higher costs as well as a USD2.2 million fee due to the termination of a purchase option.
Cabot has producing assets in north-west Alberta, Canada, as well as exploration and appraisal projects in Italy and Australia.
In Canada, Cabot is planning a new horizontal well drilling and workover programme in its next financial year, while in Italy it is in talks over a potential farm-in at its Adriatic and Sicily Channel assets.
Cabot shares were 3.3% higher on Friday at a price of 2.37 pence each.