Oz Metgasco Reports Loss

Sydney-listed oil and gas explorer Metgasco September 4 reported a loss of A$14.2mn (US$10mn) for the 12 months to June 30 (FY 2019) as against a profit of A$1mn in the previous year.

The company said that the year was challenging due to two disappointing exploration results on the Bivouac Peak structure, onshore Louisiana and in South Marsh Island 74, Gulf of Mexico, with operator Byron Energy.

“Disappointing as these results are, they do not substantially detract from the confidence Metgasco has as an investor in Byron, an exposure initiated in 2016, and one which has generated strong financial returns for the company,” Metgasco director John Patton said.

Metgasco stated it will continue to look for new opportunities and is pleased with the quality of projects and partners with which it is engaged. "New business initiatives reviewed and evaluated during the year are likely to result in at least one new project opportunity for the business in 2020," it said.