Max Petroleum increases net losses 10x in first half of financial year
MOSCOW. Dec 18 (Interfax) - Britain's Max Petroleum plc increased its net losses by 970% to $3.617 million in the first half of its financial year (April-September), the company said in its financial results.
The company's sales revenue doubled to $49.2 million while EBITDA rose by 67% to $17.9 million.
Max Petroleum reduced its net losses by 55% to $8.2 million in the last financial year (April 2011-April 2012).
The company has never posted profits.
Max Petroleum's main operations include geological exploration of oil and gas fields in Kazakhstan. However, the company has recently started increase oil output in recent years.
The company's average daily production of hydrocarbons in the first half of the financial year rose by 59% and hit a record 3,770 barrels. Total sales in the period increased by 664 million barrels, 295 million barrels of which went to export (up 480% year-on-year). Revenue for sales of oil in April-September 2012 doubled to $49.159 million.
Max Petroleum Plc is a British company, which specializes in exploration and production of oil and gas. The company's operations are focused in Kazakhstan. The company owns blocks A and E at the contracted territory of East Alibek, as well as the Astrakhansky block.