Rockhopper Exploration plc (RKH.L), an oil and gas exploration company Tuesday announced its final results for the full year, reporting a narrower loss before tax. Revenue for the period also fell from last year.
"Having significantly cut costs, moved offices, and reduced our headcount in 2020 we maintain a keen focus on keeping our General and Administrative ("G&A") costs lean," the company said in a statement.
"Following cessation of production in Italy no revenues are expected going forward."
Post tax, it reported a profit for the fiscal 2022, compared to a loss for the same period last year, driven by a tax income in the current year.
For the year, loss before tax narrowed to $3.21 million from $7.91 million of the prior year.
After tax, it earned $35 million compared to a loss of $7.75 million of last year on the derecognition of a tax liability that led to a gain of $38.8 million. Earnings per share was $6.68 compared to a loss per share of $1.70 of the previous year.
Total revenue of $0.65 million comes entirely from sale of natural gas in the Greater Mediterranean. Revenues decreased to $0.65 million from $0.83 million of last year, on reduced production
Currently, shares of Rockhopper are trading at 13.66 pence down 4.81% or 0.69 pence on the London Stock Exchange.
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