29th Sep 2014 11:46
LONDON (Alliance News) - Investment company Doriemus PLC Monday said it swung to a loss in the first-half, after an investment write-off.
The company posted a pretax loss of GBP266,000 for the six months to June 30, compared with a GBP31,000 profit a year earlier, as revenue slipped to GBP66,000 from GBP100,000.
Doriemus said it had to write-off GBP100,000 in relation to an investment subsidiary.
At an operating level, the company acquired three investments during the period. Doriemus said it will continue to seek out further investments in the UK "conventional" oil and gas space and work closely with Angus Energy Ltd on ways to increases its oil production from existing operating fields.
Doriemus has a number of deals in place with Angus Energy, which is also a major shareholder and operator of Horse Hill Developments Ltd. Co-investors in Horse Hill include Doriemus, Solo Oil PLC and UK Oil & Gas Investments PLC.
Doriemus said the next financial year should see significant improvements in production at two of Angus Energy's licences, Lidsey and Brockham, with new production wells proposed to be drilled on both.
Looking ahead, Doriemus said it is confident that the investments made by the company are both encouraging and potentially rewarding.
"We will look to realise this potential over the future years in addition to continuing to review other investment opportunities," Chairman Donald Strang said in a statement.
Doriemus shares were quoted down 4.0% at 0.192 pence Monday afternoon.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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