21st Mar 2014 07:47
LONDON (Alliance News) - 3Legs Resources PLC Friday said its pretax loss narrowed in its full year 2013 as reduced impairments, foreign exchange losses and administrative expenses helped company finances.
The oil and gas exploration and development company with shale gas interests in Poland said its pretax loss narrowed to GBP4.3 million in 2013 from GBP6.0 million the previous year, in part because the company's administrative expenses fell 42% to GBP2.1 million from GBP3.6 million in 2012.
The company, which is yet to achieve any revenues, also noted that impairments on its exploration and evaluation assets were reduced to GBP135,000 in 2013 from GBP2.1 million the previous year, and its foreign exchange losses fell to GBP632,000 from GBP1.6 million in 2012.
3Legs said that during the period its net oil and gas assets increased in value to GBP25.9 million from GBP17.7 million reflecting its ongoing work programme in the western Baltic Basin.
The company said its work programme is well under way, on time and on budget with two planned vertical pilot wells drilled in high-graded areas of its concessions.
3Legs plans to complete its work programme with a long lateral well at its Lublewo LEP-1 zone, which will be multi-stage fracked in the second or third quarter.
The company said the cost of its work programme is roughly USD19 million net to 3Legs, and it currently anticipates a group cash position of roughly GBP17 million at the end of the third quarter 2014.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
3LEG.L