Wednesday, March 7

LME 'committed' to Ohai : NZ

Southern coal bed methane gas explorer L&M Energy will persevere with its Southland efforts despite its recent $3.4 million exploration programme not having identified commercial gas finds.

Listed L&M Energy (LME) posted a loss for the year ended December of $4.8 million, with total costs of $7 million.

The $3.4 million Ohai pilot project was not included in the bottom line because it was exploration work in progress and it would not appear on the balance sheet until it was completed.

LME managing director Kent Anson said while Ohai's pilot programme had not delivered commercial gas flows, the company remained committed to "unlocking the substantial gas resources" LME believed were within the Ohai field.


Otago Daily News

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