REVENUE at Aim-listed Edge Resources more than halved in the three months to 30 June, compared to the same period of last year.
The oil firm’s sales, net royalties, were down to CA$1.3m (£640,000) from $2.8m in the first three months of 2014.
The company also recorded a loss of CA$800,000 for the period, against income of CA$288,000 last year. “Due to continued low commodity prices and lower production volumes, cash flows continued to decline,” Edge said in its results statement yesterday.
Edge boss Brad Nichol said: “There is no denying it has been a difficult year for all oil and gas operators, big and small. Within the context of a tumultuous industry dynamic, Edge has acted very conservatively with respect to capital expenditures and cost management, and will continue to do so while commodity prices remain low and/or unstable.”
Nichol added that the impact of falling prices was lessened for Canada-focused Edge due to the Canadian dollar weakening against the US dollar.
Shares in Edge dropped by four per cent yesterday.