24th Jun 2019 11:56
(Alliance News) - Angus Energy PLC on Monday reported a widened first-half loss in a "busy" period.
In the six months to March 31, the company's pretax loss widened to GBP1.7 million from GBP1.1 million the year before.
Angus Energy's revenue multiplied to GBP137,000 from GBP19,000 in the same period the prior year.
The company's administrative expenses increased 60% to GBP1.6 million from GBP1.1 million the year before.
In the first half, Angus completed the well test at Balcombe discovery in Crawley, south east England. The company holds a 25% in the discovery and is the operator.
Also, Angus perforated well X4Z at the Brockham oil field in Dorking, south east England. Angus currently holds a 65% interest in the Brockham field.
"This has been a whirlwind few months on all fronts involving enormous efforts by staff to meet the exacting technical requirements of works at Brockham and Balcombe whilst continuously reviewing new opportunities for Shareholders. Some of this work is already bearing fruit," said Chair Patrick Clanwilliam
He continued: "Our strategic goal is to shift from a base which is overwhelming exploration in one geography into a more balanced exploration, development and production company with a diversified source of hydrocarbons. Our unique advantage, honed here in the UK's demanding regulatory environment, is to maintain high standards of technical and regulatory expertise within a ruthlessly cost-conscious framework so that we can acquire the maximum cashflow for shareholders with the lowest outlay of their risk capital."
Shares in Angus Energy were down 4.4% Monday at 3.92 pence each.
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