Petroceltic revenue for six months $38 million
The decrease in revenue is a result of lower production in Egypt and Bulgaria and the decreases in oil and gas pricing.
The loss for the period to 30 June 2015 was $27m, down from $57m in the comparable period in 2014, principally due to a significantly lower exploration write-off.
Administrative expenses were $15m (June 2014: $14m) and included approximately $3m of one-off costs related to corporate restructuring which delivered a significant reduction in headcount during the period and will result in material cost reductions in future periods.
Finance expense amounted to $11m (June 2014: $10m) while the income tax expense of $4m (June 2014: $9m) was primarily related to Egyptian production. ■