Tap Oil: Result 2012

With the development of a new oil field, production is set to rise dramatically next year.

Tap Oil’s full year result betrayed an unusual quirk of its operations last year; this oil producer barely produced any oil. Production fell 88% to just 100,000 barrels of oil equivalent (boe), a reflection of sweeping asset sales made by the business over the past 12 months. Higher prices resulted in a 6% increase in revenue to $41.5m, generating a net loss of $3.5m compared with a $28.8m loss last year, a figure that was marred by impairments.  

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