| CATEGORY: AIM BULLETIN SECTOR: OIL & GAS PRODUCERS |
Costs and losses rise at Max Petroleum |
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Tue 15 Jul 2008
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LONDON (SHARECAST) - Kazakhstan-focused oil and gas explorer and developer Max Petroleum saw losses widen as sharply higher revenues failed to offset increased exploration and administration charges.
Pre-tax losses in the year to March 31 totalled $36.9m, compared with $33.1m the previous year.
The sale of around 460,000 barrels of crude oil at an average price of $59.72 a barrel helped push revenue up to $27.5m from $1.5m.
Exploration and appraisal costs totalled $15.8m, up from $8.4m, while administrative expenses were $28.1m, versus $24.4m last year.
Administrative expenses included $3.8m relating to an internal investigation primarily focused on the undisclosed receipt of beneficial interests in options over 6m shares in Max Petroleum by certain former employees, including members of senior management.
Turning to its performance since the end of the reporting period, Max said it produced 2,200 barrels of oil during June.
“I am very pleased with the progress on many fronts as we deliver on our clearly outlined strategy presented in April of this year,” chief executive Mark Johnson said.
“Max is achieving the milestones required to significantly increase and capture the value potential of its two large licences in Kazakhstan.”
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