This was partially offset by an increase in the average oil price from US$44.85 per barrel to US$54.27 per barrel.
Similarly, cost of sales also dropped by 35% to US$0.6 million compared to US$1.0 million last year.
This brought gross profit for the quarter to US$0.6 million, 60% lesser than US$1.58 million recorded in the previous year.
Other income in 2Q18 doubled to US$1.56 million from US$0.8 million a year ago.
This was related to a US$1.5 million gain on settlement of amount due to Carnarvon Thailand via issuance of the group’s new ordinary shares to CVN in 2Q18, as well as a US$0.8 million gain on the redemption of bond receivable issued by Fram Exploration ASA.
Finance costs also dropped by 41% to US$0.4 million compared to US$0.7 million last year, due to the decrease in bank borrowings.
Jeffrey Pang, CEO and executive director of CWX Global says, “With rising oil prices, we are also planning further wells to be drilled in the 1st half of 2018. With the completion of our rights cum warrants issue in Dec 2017 that raised US$12.5 million in net proceeds, the group is well‐placed to benefit from the improving oil prices and is also expecting new sources of revenue from its investments division.”
Shares in CWX last traded at 0.9 cent on Monday.
