Africa Oil Corp. Announces Consolidated Cash Flows Results for the Full Year Ended December 31, 2015; Reports Impairment of Intangible Exploration Assets for the Fourth Quarter of 2015
Africa Oil Corp. announced unaudited consolidated earnings results for the full year ended December 31, 2015. For the year, the company reported cash used in operating activities of $11,023,000 compared with $9,860,000 for the same period a year ago. Property and equipment expenditures were $2,000 compared with $14,000 for the same period a year ago. Intangible exploration expenditures were $219,786,000 compared with $437,876,000 for the same period a year ago. Net loss and comprehensive loss was $87,439,000 against $155,710,000 a year ago. Net loss and comprehensive loss attributable to common shareholders was $87,190,000 or 0.21 cents per basic and diluted share against $106,937,000 or 0.34 cents per basic and diluted share a year ago.
The company recorded an impairment of intangible exploration assets of $70,670,000 for the fourth quarter of 2015 compared with $96,878,000 for the same period a year ago.