LONDON (ShareCast) - Delaware-based oil and gas company Frontera Resources saw second quarter sales revenue soar, reflecting higher shipments and also the sharp increase in oil prices.
Revenue in the three months to the end of June rose to $2.9m from $0.6m a year earlier. However, operating costs and expenses also rose sharply, increasing from $4.9m to $6.5m, resulting in a net loss for the period of $5.5m.
Net loss for the first six months of 2008 widened to $11.6m from $7.5m in the first half of $7.5m.
Despite the losses, the company’s working capital position remains strong, with cash and cash equivalents at $5.8m, up from $4.9m at the end of 2007.
Total capital expenditure for 2008 is expected to be in the region of $44.2m, of which $24.1m was spent in the first half of the year. The company will focus on developing its reserves and production on its existing Block 12 acreage.
0.000p ()
