Oando Energy Resources reports income for Q4

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12 April 2016, Oil, Gas

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Revenue for the fourth quarter ended December 31, 2015 was $99.8 million, compared to $174.04 million for the same quarter ended December 31, 2014.

Comprehensive income for the year ended December 31, 2015 was $16.12 million, or $0.02 per share, compared to a comprehensive loss of $320.04 million, or $0.53 loss per share, for the year ended December 31, 2014.

Revenue for the year ended December 31, 2015 was $454.96 million, compared to $421.42 million for the year ended December 31, 2014.

"Despite broader macroeconomic and commodity price challenges, 2015 proved to be an operationally successful year for us as we maintained our production output and successfully reduced our debt obligations with the restructuring of our hedge instrument," said Pade Durotoye, CEO of Oando Energy Resources. "2016 will be focused on maintaining our production levels through low cost rigless activities and intensifying our efforts on Cash and Cost management."

Source: MarketLine

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