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Tuesday, 02 December, 2008, 00:10 GMT | more >>

Nido losses spiral



By Upstream staff 

Australian operator Nido Petroleum has reported a further slump in profits for 2007 with a net loss of A$21.4 million (US$19.8 million) compared with A$7.5 million in 2006.

The losses were attributed to a write down of exploration expenditure in relation to the West Linapacan field totaling A$500,000, increased financial and administrative costs, foreign currency losses and a loss of A$800,000 on disposal of Nido’s investment in Encore Oil.


Monday, 10 March, 2008, 09:14 GMT  | last updated: Monday, 10 March, 2008, 09:22 GMT

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