Africa Oil Corp. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016
Africa Oil Corp. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported finance loss of $925,000 against $99,000 a year ago. Net loss and comprehensive loss was $1,593,000 against $3,681,000 a year ago. Net loss and comprehensive loss attributable to common shareholders was $1,593,000 $5,686,000 against $3,681,000 a year ago. Basic and diluted net loss attributable to common shareholders per share was $0.00 against $0.01 a year ago. Cash flows used in operations was $306,000 against $1,990,000 a year ago. Property and equipment expenditures were $23,000. Intangible exploration expenditures were $8,395,000 against $48,693,000 a year ago.
For the nine months, the company reported finance loss of $2,136,000 against $309,000 a year ago. Net loss and comprehensive loss was $6,440,000 against $8,116,000 a year ago. Net loss and comprehensive loss attributable to common shareholders was $6,440,000 against $7,867,000 a year ago. Basic and diluted net loss attributable to common shareholders per share was $0.01 against $0.02 a year ago. Cash flows used in operations was $3,155,000 against $4,875,000 a year ago. Property and equipment expenditures were $27,000. Intangible exploration expenditures were $31,630,000 against $195,265,000 a year ago.