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Oilex Ltd reports lower revenue as oil price and production weighs

The oil price and a decrease in production caused India focused Oilex Ltd to report lower revenues in the latest half year, though the period saw a number of well work-overs at the Cambay field completed.
Oilex Ltd reports lower revenue as oil price and production weighs
Oilex said the period saw a number of workovers at the Cambay field...

The oil price and a decrease in production caused India focused Oilex Ltd (LON:OEX) to report lower revenues in the latest half year, though the period saw a number of well work-overs at the Cambay field completed.

Revenue for the six months came in at $166,459 compared to $232,992 in the same period of 2014, while the net loss widened considerably to $23.3mln from around a loss of $3.1mln in 2014.

The firm put that down to an $11.5mln hit for the impairment of exploration and evaluation assets, $3.5mln for the impairment of development assets and the increase in exploration and evaluation expense due to the accrual of the Joint Venture Partner's share of Cambay Joint Venture creditors totaling around $1.7mln.

The firm held cash and equivalents at end of year totalling $11.5mln versus $1.18mln at end June 2015.

Output came in at 3,112 boe (barrels of oil equivalent) falling to 1,104 net barrels, compared to 2,588 barrels in 2014 due to the C-77H well  production only starting again in December last year.

That said, gas flowed at 2,008 boe compared to nil in 2014.

The firm noted that C-73 well and various workovers also contributed to the six month output.

Oilex shares eased 6.5% in early deals to 0.561p.

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