Drillsearch posts net loss

Company News


Drillsearch Energy Limited (ASX:DLS) has posted a net loss of $8.1 million for the year ending June 30.
 
The results mark a shift into negative territory following a profit of $41.9 million the previous year. 
 
The oil and gas producer has seen revenues hit by a downturn in the oil-price environment, compounded by increased production and a softening in demand.
 
Drillsearch Energy has limited output and provided production guidance of between 2.8 million and 3.2 million barrels of oil equivalent over the coming year. 
 
The company will not be paying a dividend.