Oilex narrows loss despite depressed revenue

Oilex posted its interim report for the six months to 31 December on Thursday, with revenue down by almost two thirds at $0.06m, compared to $0.17m in the first half of 2015.

The AIM-traded company’s cost of sales was down significantly, however, to $0.19m from $0.54m, resulting in a gross loss of $0.13m compared to $0.37m in the comparative period.

Other income totalled $0.19m, up from a negligible $758, with exploration expenditure narrowing significantly to $0.13m from $4.12m.

After other expenses and impairments, Oilex reported an operating loss of $3.2m, compared to $23.23m in the same period in the prior year.