Lower oil prices sees Frontera losses widen

30th Sep 2016 14:46

(ShareCast News) - Independent oil and gas exploration and production company Frontera Resources released its financial results for the first half of 2016 on Friday.The AIM-traded firm said revenues from exploration pilot oil and gas production sales totaled $2m in the six months to 30 June, down from $3.15m year-on-year.Its ongoing exploration efforts resulted in a net loss of $10.9m - widening from $7.16m - or $0.003 per share on a fully diluted basis.Of that total, approximately $1.1m was reflected in one-time charges associated with recorded impairment and inventory related accounting due to significant decrease of crude oil prices, the board explained."Frontera's exploration investments since the beginning of this year continue to demonstrate our commitment to the methodical technical progress that our work has achieved to date," said chief executive Steve Nicandros."Because of the significant oil and gas resources that our historical investments have identified, our focused efforts to evolve stimulation completion designs are now yielding results that have never before been achieved."As we continue our planned work programs through the remainder of this year, we strongly believe that our operations are reaching new milestones that will result in bringing the giant oil and gas resources associated with Block 12 into increased, sustainable production levels."At 1451 BST, shares in Frontera Resources were down 2.22% at 0.09p.