EDINBURGH (dpa-AFX) - Cairn Energy plc. (CNE.L) reported Tuesday that its fiscal 2018 loss before taxation from continuing operations was $1.27 billion, compared to profit of $272.8 million a year ago.
The prior year results have been restated.
Attributable loss was $1.14 billion, compared to profit of $217.8 million a year ago. Attributable loss per share was 195.59 US cents, compared to profit of 36.84 US cents per share in the prior year.
Operating loss for the year widened to $182.1 million from prior year's loss of $105.2 million. Gross profit, however, surged to $107.7 million from $6.6 million a year ago.
Revenue from continuing operations was $410.3 million, compared to last year's restated revenues of $33.3 million.
Revenue from the sale of oil and gas was $387.9 million for the year, after adjusting for hedging transactions.
Cairn receives revenue from its producing assets in the UK North Sea, Kraken and Catcher. Both assets commenced production during 2017.
Combined net production for the year averaged around 17,500 boepd. Sales volumes during the year averaged around 16,000 boepd for the two assets combined, realising an average sales price of $67.99/bbl.
For 2019, combined production is expected to average 19,000 - 22,000 beopd net to Cairn, before adjusting for the FlowStream entitlement. Average production cost would be $20/bbl.
Simon Thomson, Chief Executive Officer, said, 'Cairn plans a material exploration programme in 2019 targeting a billion barrels of gross resources, supported by cash flow from our production base. With active development projects within the portfolio, we look forward to additional sustained production and cash flow generation over the long term.'
In London, Cairn Energy shares were trading at 166.95 pence, down 4.44 percent.
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