29th Jun 2018 12:11
LONDON (Alliance News) - Anglo African Oil & Gas PLC on Friday said it generated its first revenue in 2017 from the Tilapia oil field in the Republic of Congo but its loss widened due to increased administrative costs.
The oil & gas company reported a loss of GBP3.1 million in 2017, widened from a GBP937,313 loss a year earlier.
The result was hit by higher administrative expenses, which totalled GBP2.8 million compared to GBP931,829 the prior year. The company also booked GBP329,825 of costs related to its initial public offering, which took place in March 2017.
During the period, Anglo African purchased oil & gas company Petro Kouilou SA, which held a 56% stake in the producing Tilapia oil field. The drilling programme has already started.
The company has worked over the TLP-101 and TLP-102 wells and while production from these wells is small, Anglo African does generate some cashflow. The company posted maiden revenue of GBP226,757.
"At the moment, the clear and overriding focus of everyone is on drilling TLP-103," said Executive Chairman David Sefton. "However, as we move forward, we will look to further opportunities available to the company."
Shares in Anglo African were trading 1.2% lower at 9.29 pence each on Friday.
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