21st Aug 2015 07:28
LONDON (Alliance News) - Alba Mineral Resources PLC posted a wider loss for the first half of its current financial year on Friday as it continues to focus its attention on the Horse Hill project, while reviewing its Irish portfolio and considering potential options for its licence in Mauritania.
Alba said its pretax loss for the six months to the end of May was GBP232,594, widened from the GBP65,835 it posted a year earlier. The loss is in line with the higher administrative expenses the group booked in the half as it generates no revenue.
Alba is part of the group of London-listed companies involved in the Horse Hill project, located near Gatwick Airport in Sussex. Alba owns 10% of Horse Hill Developments Ltd, which owns a 65% stake in the prospect.
The project was the subject of controversy earlier this year over the amount of oil which has been discovered there. In June, the companies involved in the project released the results of a report from oil services company Schlumberger Ltd which upgraded the oil in place estimate for the project.
Alba said its licences in Ireland are currently the subject of an ongoing review and said it is continuing to review exploration models for its permit area in Mauritania.
Alba shares were down 2.2% to 0.4399 pence Friday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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