27th Sep 2019 10:42
(Alliance News) - Attis Oil & Gas Ltd on Friday reported a widened interim loss after a busy interim period.
The company reported a pretax loss of USD1.1 million for the six months to the end of June compared to a USD845,000 loss reported a year earlier, after an increase in operating expenses.
Revenue meanwhile multiplied to USD134,000 from USD20,000 year-on-year.
"We are executing on the strategy we laid out last year and are demonstrating our new team and focused execution provide the platform that will generate significant growth," said Executive Chair Paolo Amoruso and Chief Executive Charlie Wood.
In less than a year, Attis said it refocused, settled legacy portfolio issues, increased production from its existing assets and opened up additional revenue streams.
Looking ahead, the company expects to double monthly revenue, utilising the same resources in the first half of 2020 as the testing regime ramps up across its wells.
"We will continue to grow the business through further well compliance contracts and expanding testing & diagnostic services," added Amoruso and Wood.
Attis shares were untraded on Friday in London, last closing at 0.11 pence each.
By Evelina Grecenko; [email protected]
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