Enegi assets hit by tumbling oil price
THE recent sharp fall in the global oil price has forced Manchester-based Enegi Oil to write down the value of its Canadian assets by £1.5m.
The Brent crude oil price has fallen by more than 46% since its $116 June peak.
But Enegi said it could reverse the impairment if the oil price recovers.
It contributed to a pre-tax loss of £4.8m in the year to June, up from a £3.1m loss last time. Revenues were lower at £45,000, down from £184,000.
The company said the loss also reflected its c... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
