JKX Oil & Gas plc (JKX.L) reported a loss before tax of $53.71 million for the year ended 31 December, 2014, compared to profit of $3.96 million, previous year. The Group noted that the net loss for the year included exceptional charges of $72.5 million. Loss for the year attributable to equity shareholders of the parent company was $79.53 million, compared to profit of $6.50 million. Loss per 10 pence ordinary share, in cents, was 46.21 compared to profit of 3.72.
Loss for the year before exceptional charges was $22.0 million, compared to profit of $6.5 million, a year ago. Before exceptional items, loss per 10 pence share, in cents was 12.76, compared to profit of 3.72. Before exceptional charges, profit from operations increased to $11.6 million from $9.2 million, prior year.
Revenue decreased year-over-year to $146.2 million from $180.7 million. Gas production in 2014 increased as a result of the investment and drilling programme of the last two years. Average Group sales volume declined by 3.2% to 9,188 boepd from 9,489 boepd, last year.
The company said its financial position has been severely impacted by the deteriorating economic conditions in Ukraine and Russia. The Board of JKX has concluded that it is not appropriate to recommend a dividend in this period of geopolitical uncertainty and falling energy prices. The Board said it will continue to review dividend policy going forward.
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