Oil and gas juniors have largely enjoyed the spoils of record commodity prices and voracious global demand for energy in recent times.
In results released just this week, Amadeus Energy Ltd and Cooper Energy Ltd have both revealed strong revenue rises.
However, it was not all good news, with increased revenue not always translating to profit improvement. In addition, Carpathian Resources Ltd posted further losses after it struggled to make its central European assets perform.
Amadeus posted a net profit of $9.6 million, down 12 per cent from last year’s results, after recording a 154 per cent increase in total revenue for the year ended June 30 2006.
The company had recorded a growth level of 3.5 per cent increase in oil production. It had also raised $31.3 million during the year through placements worth $23 million and $8.3 million from a share purchase plan to eligible shareholders.
The funds were primarily used to fund the US acquisitions of producing assets in the first half of the year.
South Perth-based Cooper posted an unaudited net profit of $9.4 million for the year ended June 30 2006, which the company attributed to buoyant oil prices and strong production.
The company announced a 30 per cent increase in oil sales revenue to a record $32.6 million, which the company said would enable it to generate record underlying earnings, with earnings before interest, tax, depreciation, amortisation and extraordinary items increasing by 41 per cent to $22.4 million.
At the June 30 balance date, Cooper’s working capital position had increased by 11 per cent to a record $22.6 million. Accumulated profit increased by 200 per cent to $14 million.
Cooper chief executive Mike Scott said the company was well placed to further advance its international growth strategy in the light of the results.
Carpathian announced a net loss of $1.8 million, a 38 per cent fall from last year’s loss $1.1 million, after a disappointing year at its Krasna oil wells.
