GEEC has released its FY 2016 results. These show sales gas output impacted in H2 by offtake from key customer SAIL ISP, which the take-or-pay agreement (though adhered to) has not allowed to reach our forecast. Revenues are reported at US$29.4m versus our US$34.4m forecast, with SAIL ISP revenues US$8.7m behind expectations. GEEC has also adopted a new accounting treatment of its capitalised costs and interest due to its focus away from drilling and on commercialising its current well stock
25 Jul 2016
FY 2016 Results
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FY 2016 Results
- Published:
25 Jul 2016 -
Author:
Daniel Slater -
Pages:
4
GEEC has released its FY 2016 results. These show sales gas output impacted in H2 by offtake from key customer SAIL ISP, which the take-or-pay agreement (though adhered to) has not allowed to reach our forecast. Revenues are reported at US$29.4m versus our US$34.4m forecast, with SAIL ISP revenues US$8.7m behind expectations. GEEC has also adopted a new accounting treatment of its capitalised costs and interest due to its focus away from drilling and on commercialising its current well stock