Loyz Energy posts 2Q profit of $1.6m, reversing year-ago loss

Homegrown oil and gas exploration and production company Loyz Energy has logged a net profit of $1.6 million for the three months to Dec 31 last year, turning around a loss of $1.2 million for the same period a year ago.

This was after the Singapore-listed company started to recognise revenue from production wells in the United States, it said on Monday.

Revenue for Loyz's second quarter was $6.8 million, from zero the previous year.

Earnings for the quarter was 0.43 cents, from a loss of 0.54 cents a year ago.

Net asset value per share was 20.79 cents as at Dec 31 last year, slightly down from 20.95 cents as at June 30.

"The group has begun to record production revenue from the Schlak 3 well in North Dakota," Loyz said in its financial statements filed with the Singapore Exchange.

"However, in Colorado, flow tests have been disrupted and delayed by the extreme cold weather conditions," it added. "Testing will resume when appropriate and results will be announced in due course."

Loyz also said it is "looking to acquire more seismic data and interpretation for the assets in the United States in the coming months".

"The availability of the data will assist in identifying drilling locations and improving the likelihood of success of our drilling campaign."