Luxoil reports $309,000 loss

Press, 9 March 1987, Page 13

Luxoil reports $309,000 loss

PA Wellington Oil explorer, Luxoil nl, has reported a net loss of $309,061 ($160,002) for the year to December 31, after write down of exploration expenses of $281,184. Turnover was $185,028 ($123,300), producing an net operating loss of $27,877 ($160,002), Luxoil said.

Because of the sharp movements in oil prices over the last year the company had decided to write down the value of its exploration interests considerably.

The retained value had been estimated on the basis of an oil price lower than the current SUSIB a

barrel. The total amount written off was $1,435,089. Of that $1,153,905, being accumulated expenditure in a subsidiary before its acquisition by the company, had been written off against the capital reserve on consolidation. There were no significant tax losses available at the end of the period. During the year the company spent $434,806 on exploration. It proposed to change its name to Striker Group No Liability, to reflect its recent diversification, and would ask for shareholders approval at the annual meeting on April 8.