11 Sep 2012

Loss reported by exploration company

12:26 pm on 11 September 2012

LM Energy has reported a loss for the half year due to spending more on operating costs.

The energy exploration company has reported a loss of $2.1 million for the year to June, compared with the same period last year.

LM Energy also incurred $2.1 million in costs, some of which were incurred on exploration activities including preparation for the Kahili-2 well to be drilled later this year.

It also spent on evaluating the potential of its South Canterbury permit and coal seam gas drilling in its Kaitangata permit.