NAIROBI: Australian exploration company Pancontinental Oil & Gas posted a Sh43 billion ($41.9 million) net loss for the year ended June 30 after exiting Kenya.
The company attributed the loss to increased expenditure for writing off exploration licences following its exit from Kenya’s block L10A and L10B located in the Lamu Basin.
Pancontinental recorded a Sh2 billion($19.1 million) net loss last year. Its exploration expenditure and write off rose from Sh1.8 billion ($17.8 million) last year to Sh4.2 billion ($40.5 million) this year.
Earnings per share increased from negative Sh171.7 ($1.66) to negative Sh376.43 ($3.64) during the period under review.
“The main contributing factor to the earnings per share result this financial year was the write off of exploration licences Kenya L10A, Kenya L10B and the company’s former non-core Australian assets,” said Pancontinental in a statement.
