3rd Jul 2018 10:17
LONDON (Alliance News) - Andalas Energy & Power PLC on Tuesday reported a narrowed loss for its recently ended financial year due to substantially lower administrative expenses.
For the year ended April 30, pretax loss narrowed to USD1.3 million, narrowed from USD4.3 million the year before. This was due to substantially reduced expenses from asset evaluations, corporate overheads, and consulting costs.
Andalas Energy did not generate any revenue for the period.
The Indonesia-focused oil and gas company said that during the period it mostly focused on streamlining its cost base, cutting back on all of its non-essential expenditures, as well as raising new equity to balance out its balance sheet.
In addition, Andalas acquired interest in Eagle Gas Ltd, granting access to the Badger prospect in the UK, and has screening several Indonesian opportunities, with the belief that some assets are available at entry prices.
"During the past year, Andalas has reviewed its operations and restructured its business. The company's strategy has a renewed focus on its core competency of oil and gas exploration and production and has broadened its geographical focus to include areas outside its existing operations in Indonesia," said Chairman Robert Arnott.
"The board believes the company is now in a good position to reap the benefits of its new strategy and we believe that over the next twelve months the company will be participating in new and exciting upstream E&P opportunities, alongside existing opportunities, that will deliver value," Arnott added.
Shares in Andalas Energy and Power were down 5.2% at 0.022 pence on Tuesday.
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