Oil and natural gas producer, kosmos energy Ltd reported a smaller- than –expected quarterly loss on lower exploration costs.
According to Reuters, the exploration expresses fell 80 percent to $16.9 million.
The net loss was $24.8 million, or 7 cents per share. The company’s pro- forma net loss was $9.09 million or 3 cents per share a year earlier.
Revenue fell 11 percent to $112.7 million.
Analysts expected a loss of 9 cents per share on revenue of $110.9 million, according to Thomson Reuters I/B/E/S.
The company reduced its capital expenditure budget for 2012 to $500 million from $600 million as it does not plan to spend more on drilling at the Jubilee field in Ghana following the success so far.
Shares of the company closed a $9.40 on Friday on the New York stock exchange.