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Brightoil warns of ‘significant loss’ in H1 2016

Brightoil warns of ‘significant loss’ in H1 2016
Brightoil Petroleum (Holdings) Limited has warned investors of a potential significant loss for the six months ended 31 December 2015 compared to a profit for the previous corresponding period.

The upstream oil and gas enterprise and bunker supplier told the Hong Kong Stock Exchange that the expected loss was due to the voluntary impairment of Caofeidian oilfields in China as a result of the low crude oil price.

Brightoil highlighted that its business in bunkering, marine transportation and the upstream gas field projects, on the other hand, recorded profits for the six-month period.

“The recognition of impairment loss of the Caofeidian oilfields is non-cash in nature. It is not expected that this recognition of impairment loss would have any material impact on the cash flow and the operations of the group,” Brightoil stated.

The company is expected to publish its interim results for the six months ended 31 December 2015 before the end of February 2016.