Loyz Energy back in the black with 3Q earnings of $0.4 mil on oil price rally

SINGAPORE (May 12): Oil explorer Loyz Energy has announced earnings of US$0.3 million ($0.4 million) for 3Q17, reversing from the US$18.2 million loss posted in the same period a year ago.

Revenue for the quarter, which was mainly derived from the group’s oil fields in Thailand, was US$2.4 million. This represents a 34% improvement from US$1.8 million the previous year, and was mainly due to the recent increase in oil price to an average of US$48.05/bbl in 3Q17 from US$24.75/bbl in 3Q16.

As at end-March, the group’s current liabilities decreased US$9.7 million from US$16.2 million in end-2016, mainly due to the repayment of loan amounting to US$8.6 million via an issuance of the company’s new shares to a group of subscribers pursuant to a placement exercise.

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