Madagascar Oil Limited announced group earnings results for the year ended December 31, 2013. For the year, the company reported operating loss of $11,908,000 against $13,534,000 a year ago. Loss before tax was $12,136,000 against $13,612,000 a year ago.

Net loss and total comprehensive loss was $12,092,000 or $0.02 per basic and diluted share against $13,614,000 or $0.05 per basic and diluted share a year ago. Net cash used in operating activities (prior to working capital movements) was $9,300,000 against $8,751,000 a year ago. Net cash used in operating activities (including working capital movements) was $22,170,000 against $8,585,000 a year ago.

Exploration and evaluation cash expenditure was $24,546,000 against $50,842,000 a year ago.