Leed Petroleum still not in profit despite production improvements
25 November 2009
Gulf of Mexico focused oil and gas group Leed Petroleum today blamed softer market prices for oil and gas for a challenging year, despite the fact it delivered a substantial increase in its average daily production during the period.
Leed increased it revenues to $33.8 million in the 12 months to June 2009, against $12.8 million in the period to March 2008 – the company changed its accounting reference date this year. Net losses came in at $3.5 million against $14.7 million, with pre-tax losses down at $2.6 million against $20.0 million last time.
The figures were underpinned by an increased in average net production to 2,022 barrels of oil equivalent per day (boepd), up from 1,606 boepd in the three months to June 30, 2008.
Leed raised eyebrows in the City in November when it carried out a heavily discounted 5p per share placing of 400 million shares in order to raise £20 million. The cash has been earmarked to restart its exploration and development programme in Gulf of Mexico region.
Howard Wilson, the company’s chief executive, said: “Leed has materially increased its reserves and production during the year, albeit against a backdrop of softening market conditions and commodity prices. With the new capital in the business the company can recommence its activities giving a renewed momentum to our growth plans, which will include the conversion of more resources to reserves, increased production from a more diversified asset base and stronger cash flows.”
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