LONDON (Thomson Financial) - Oilexco Inc. said it posted a net loss of $27.3
million in the second quarter compared with a net profit of $25.7 million mainly
due to non-cash expenses for unrealized losses recognized on derivative
contracts.
It said sales rose to $228.5 million from $40.7 million a year earlier.
Oilexco said it continues to target a year-end exit production rate of about
45,000 barrels per day, though this is subject to timing objectives being met on
certain key projects
"While the Company believes that this target is achievable and is working
diligently to make this happen, a number of potential issues, surrounding timing
of delivery on certain projects rather than geological and reservoir risk, may
delay reaching this target prior to year end," the company said in a statement.
Oilexco also said it had a very good first half achieving record financial
results.
For the six months ended June 30, the company posted a net profit of 22.6
million pounds compared with 20.5 million last year as its revenues rose to
$400.9 million compared with $42.7 million last year.
Oilexco also said the Shelley development project is on track to deliver
first oil in the fourth quarter, and redevelopment of the Caledonia field is
also planned to start in fourth quarter.
TFN.newsdesk@thomson.com
ndi/hjp
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