The AIM-listed Texas oil and gas group reported a loss of US$2.18 million, compared with US$1.51 million a year earlier. Gross profit before depreciation, depletion and amortisation fell to US$267,000 from US$824,000.
The U.S. federal government has extended the deadline for talks between Lukoil and potential buyers of its foreign business by another month, until June 27, suggesting the forced divestment process is turning out to be more complicated than maybe hoped for.
Curious Minds Corner
How did Rudolf Diesel’s 1892 engine experiments accidentally birth diesel fuel?
He designed it to run on peanut oil, but refinements later optimized it for heavier petroleum distillates.