Linc posts A$95.77m Q2 loss

LINC Energy posted a net loss of A$95.77 million (S$94.93 million) for the second quarter of FY2016 on reduced realised oil prices and reduced capital expenditures on drilling.

Revenue was A$15.83 million compared to A$23.07 million a year ago.

Quarterly sales volumes were 267,066 barrels of oil equivalent (boe), almost flat compared to 267,209 boe last year.

Average sales price for oil during the quarter was US$38.08 per barrel, down from US$71.39 per barrel.

Gas was sold at US$1.92 per million British thermal unit (mmBtu), down from US$2.74 per mmBtu.

Gross capital expenditure was reduced to A$9.81 million from A$12.2 million.

Linc sank deeper into the red during the first half of FY16 on a net loss of A$154.14 million, compared to A$59.77 million last year.