25th Apr 2016 08:35
LONDON (Alliance News) - Alba Mineral Resources PLC Monday said it will continue to seek out further opportunities, as it reported a slightly widened pretax loss for its most recently ended financial year.
Alba has interests in the UK oil and gas exploration sector through a 15% stake in Horse Hill Developments Ltd, and hard rock exploration assets in Greenland, Ireland and Mauritania.
Alba reported a pretax loss of GBP292,705 for the year to end-November, widened from a pretax loss of GBP235,751 in the previous year, as a result of higher administrative costs. It did not report revenue in either period.
During the year the company increased its exposure to the Horse Hill-1 well, on the northern side of the Weald Basin near Gatwick Airport. Following the year end flow tests commenced at Horse Hill.
Towards the end of the period Alba inked a deal with Artemis Resources Ltd giving in the option to earn up 70% of a graphite project near Nanortalik in southern Greenland. Following the year end a study was completed on the Amitsoq project near Nanortalik, and Alba said the interpreted results are "highly encouraging" and provide target areas for follow up ground work and geophysics.
"These acquisitions, and Alba's funding of its commitments both at Horse Hill and its other projects, were achieved by a series of successful recent capital raisings completed by the company during the year, despite what has been a consistently challenging investment market. This is a testament to the dedication and resourcefulness of the management team at Alba. In the coming year, your Board will continue to seek out further opportunities to build on the solid foundations established during the past financial year," said Chairman George Frangeskides in a statement.
Shares in Alba Minerals were down 7.7% at 0.300 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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