Verenex: Second quarter results show narrower loss
Verenex sees loss
Canada's Verenex Energy posted a narrower quarterly loss, and said it continued to seek consent from Libyan authorities for the sale of the company.
For the second quarter, the company reported a net loss of C$1.4 million (US$1.3 million) from continuing operations, or 3 Canadian cents a share, compared with a loss of C$2.6 million, or 6 Canadian cents a share, a year earlier.
The company said its working capital surplus declined 78% to C$13.4 million in the second quarter, reported Reuters.
In June, Verenex said that Libyan authorities had not yet approved the C$499 million sale of the company to China National Petroleum Corporation (CNPC), putting the deal at risk.
The company said it has sufficient cash reserves to fund its ongoing expenditures.