Armour Energy's revenue down 24% in Jan-Mar
Sydney-listed Armour Energy's sales revenue in the three months ending March 31 (Q3) was A$4.5mn ($3.5mn), down 23.7% year/year owing to lower production and sales volume, it said on April 29.
Production in Q3 was 2.5 petajoules, down from 3.3 petajoules in the same period last year, Armour said. Its sales volume was 2.6 petajoules, down 18.7% yr/yr. The company realised an average gas price of A$6/gigajoules compared with A$5.5/gigajoules in the same quarter last year.
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Armour said it expects to start the 2021 work programme around the middle of the year. The company raised A$11.5mn in March to progress the proposed demerger of its Northern basin business and initial public offering of McArthur Oil & Gas. It will also use the capital to fund exploration costs associated with the Northern basin business, for well interventions work at Kincora gas field in Queensland, and for payment of interest and scheduled amortisation reductions.